The meteoric rise of Australian-owned accounting software super-vendor Solution 6 Holdings continued last week, with the ASX-listed company announcing a $2.1 million acquisition of NSW-based software group PKF Technology.
A wholly owned division of one of Australia's largest mid-tier accounting companies, Pannell Kerr Forster NSW, PKF's software group will be absorbed into Solution 6's product development division, while its other arm, the independent consulting business, will continue to operate under the name of PKF Technology.
Richard McLean, general manager for global sales and marketing at Solution 6, says the acquisition will allow his com-pany to maximise the strength of its channel around the world.
"PKF has world-leading work-flow management and corporate registry software, and we now have the opportunity to take that software to the world and add a lot more value to our company by selling it through our channels here and overseas."
This is not the first time Solution 6 has tried its luck in the acquisition arena. The company made headlines in 1997 when it bought Computer Automated Business Systems, and McLean indicates that more mergers can be expected in the future.
Last year, the company issued $12.7 million worth of shares to Thorney Holdings, owned by the billionaire Pratt family of Victoria, and McLean explains that "the best way to make value of that money" is through further acquisitions.
"Solution 6 is a global player in the chartered accountancy software industry and to strengthen our global position we are looking at opportunities to acquire other companies because we do believe that the industry is ripe for consolidation," he said.