Technology One acquires Brisbane ISV

ASX-listed software vendor, TechnologyOne (ASX:TNE), has acquired Brisbane-based ISV, OutcomeManager.

The acquisition cost $500,000 initially with an additional $500,000 based on future earnings. It is expected to be earnings neutral over the next 12 months.

TechnologyOne executive chairman, Adrian Di Marco, said OutcomeManager would be fully integrated into its new parent company.

"It'll become a product within our enterprise suite. We're primarily purchasing the technology and only bringing a small number of staff over with it," Di Marco said.

He declined to disclose how many staff OutcomeManager had, but confirmed its owner, David Grogan, would be retained.

Di Marco said the main drive behind the acquisition was to provide customers with all their needs from the one supplier.

"OutcomeManager becomes one of a lot of products that we offer as part of our end-to-end solutions. In working with our customer base we have found people are keen to keep to one trusted supplier wherever possible," he said.

Last October, TechnologyOne acquired enterprise content management (ECM) vendor, Avand. Di Marco said it was on the lookout for further acquisitions in the future, potentially in areas such as library systems, local government and grants management.

OutcomeManager's software is a web-enabled strategic planning and corporate performance management (CPM) solution.

Di Marco said the increased importance of compliance and sustainability management meant this area would be a growth opportunity for TechnologyOne in the near future.