Software and services provider, Mincom, has sold its software business to global power and automation technology company, ABB.
It is acquiring the business from the private equity group, Francisco Partners, to broaden its software portfolio, particularly within enterprise asset management (EAM).
Under the acquisition, ABB plans to retain Mincom’s management team. The Australian operation will not change.
In a statement, Mincom CEO, Greg Clark, said customers would benefit from ABB’s commitment to expand R&D investment in Mincom’s software and customer support.
“The union of the two companies will open up new opportunities for growth through access to ABB’s presence and relationships in some of the world’s largest global infrastructure and industrial projects,” Clark said.
According to a company statement, Mincom has nearly 1000 employees and annual revenues topping $US200 million.
The company was founded in Brisbane in 1979.