Canberra-based ISV, RuleBurst, has jumped into the governance and risk compliance management market (GRCM) thanks to its $6.25 million acquisition of local technology provider, IQMS.
RuleBurst, formerly known as SoftLaw, traditionally played in the business rules management systems (BRMS) and decision support software markets, CEO, Surend Dayal, said.
The merger marked the company's push into the GRCM market, which was converging with BRMS, he said.
Because the GRCM market was highly fragmented, with no single provider garnering more than $US20 million in sales, Dayal claimed there was huge potential for players catering to this space.
He said the market was worth $US7.5 billion today and would grow to more than $US20 billion in the next five years.
Potential in the GRCM space was being driven by a global fascination with Sarbanes-Oxley and the local regulatory environment, Dayal said. The company planned to bolster its partner ranks and beef up its financial numbers, he said.
The company currently works with 20 partners globally, 10 in Australia, including system integrators and vertically-focused resellers.
In the coming weeks, the amalgamation of the IQMS channel was a top priority, Dayal said. IQMS works with four specialised partners and has a customer base in banking and finance, insurance, healthcare, food, services and manufacturing.
"There is a highly complementary fit between our two customer bases and product sets," he said. "The IQMS product offers a holistic approach across the enterprise."
The latest product alignment would allow partners to peddle two enterprise solutions that deliver end-to-end compliance functionality in one platform, IQMS CEO, Mark Stanley, said.
He would remain with RuleBurst as deputy CEO.
"Unlike competitive technology, which are often a point solution - with a narrow, vertical focus - the aligned products provide companies with a complete enterprise perspective," Stanley said.
The IQMS merge is RuleBurst's latest move to broaden its Australian presence. The company rebranded itself in August, ditching the SoftLaw moniker, and de-listed from the ASX last year.
It is looking to open an office in Brisbane in the new year.