Australian business software provider, Coordimax, has picked up local asset management vendor, Pinnacle, to diversify its solutions platform.
Coordimax managing director, Martin O’Connor, said Pinnacle’s enterprise customer base, including high profile corporate such as Qantas, Multiplex and Coles, would give it new cross-selling opportunities. Pinnacle, a 20-year old Australian firm, provides an asset, lease and property management software.
“They also do a lot of work with government, which all round is a good opportunity for us,” O’Connor said.
Financial terms have not been disclosed. O’Connor said he expected the acquisition to add millions to its top-line revenues.
Pinnacle has 20 staff in Australia including a development team in Canberra. It also has direct employees and reseller relationships in the UK, Hong Kong, Malaysia and Australia. O’Connor was keen to continue growing the Pinnacle business but couldn’t confirm whether any staff would be cut.
“We’re now deciding on how to integrate the two businesses –we have some synergies and may look at some changes,” he said.
Pinnacle’s Microsoft skill set would also allow Coordimax to expand its software platform onto Microsoft, O’Connor said.
“Coordimax sits on Domino [IBM], while Pinnacle is based on Microsoft technology, so this gives us a new range of skills,” he said. “We don’t want to put all our eggs in one basket – we want to stay a solutions copmpany that provides business solutions for businesses.”
Coordimax has brought on Neil Detering as a director and board member to manage the integration of the two businesses. The 20-year software industry veteran was one of the three founders of Australian software vendor, Iress Market Technology.
O’Connor said Coordimax was working on another two acquisitions. Key criteria included organisations in the software space with recurring earnings that tied into its business process automation focus.