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TechnologyOne snaps up Icon for $10 million

TechnologyOne snaps up Icon for $10 million

Acquisition ramps up focus on local government sector

Australian software company, TechnologyOne, has acquired Icon Strategic Solutions for $10 million in a bid to boost its local government sector business.

According to the company statement, a substantial proportion of the purchase price is payable on the achievement of an earn-out - a provision where the seller receives future payments based on performance.

"This acquisition forms part of our strategic focus on providing innovative and relevant solutions for the local government sector," the statement said.

"Planning is a core business requirement in local government with online self-service being a major initiative driven by both customer demand and efficiency reforms."

Thousands of Australians already use Icon software on council websites to track applications and permits, view planning schemes and browse community plans.

The acquisition of the Gold Coast based Icon is expected to be earnings neutral for the 2015 financial year.

According to a company statement, The unique IP and specialist functionality it has acquired supports its vision of enabling councils to interact with communities efficiently through online and digital channels.

"TechnologyOne invest in the Icon software, redeveloping the applications to our world class Ci Anywhere platform, providing smart mobile device technology and seamless integration."

TechnologyOne has an exclusively direct go-to-market and does use partners or resellers.

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