|
Monday, 15 October 2007 |
QUEENSLAND software developer Technology One has moved to acquire content management firm Avand in a $10 million deal.
Technology One will use Avand's DataWorks content management platform to augment its line up of enterprise applications, which include payroll, asset management, business intelligence and finance systems, among others.
Technology One executive chairman Adrian Di Marco said that the company had entered a share purchase agreement with Avand and would pay $10 million in shares for the firm.
The deal is subject to due diligence, which will be completed over the next two weeks.
"Avand has a customer base of 170 organisations operating in the vertical markets we service. It has more than 70 skilled ICT sector employees and a cutting edge, complementary software solution," Mr Di Marco said in a statement to the Australian Securities Exchange.
"The acquisition will provide a perfect vehicle for Technology One to grow staff numbers, increase our customer base and broaden our best in class enterprise suite of products.
"In particular, the solution will strengthen Technology One's position as the dominant software solutions provider for local government organisations across Australia and New Zealand."
State and federal government organisations, as well as many private enterprises have been investing heavily in electronic content management software in recent years as they attempt to move away from paper based record keeping.
Ben Woodhead
http://www.australianit.news.com.au/story/0,24897,22573496-16123,00.html |
|
Last Updated ( Thursday, 31 January 2008 )
|
