The software developed by fallen B2B procurement vendor Streamlink has been purchased by Netfinite for an undisclosed sum.
Streamlink, an Australian developer of buy-side procurement software was placed into administration in July, after nine months of poor sales. Streamlink founder Martin Fisk blamed conservative spending patterns and the marketing power of US vendors for the demise of the company.
Singapore's Netfinite, a developer of sell-side procurement software, has been trading since 1997 and opened an Australian office earlier this year. Caroline Morrison, marketing director for the APAC region said Netfinite purchased the intellectual property from Streamlink's administrators to round out its enterprise offering. She feels the combination of Netfinite's sell-side software and Streamlink's buy-side software will prove popular among Australian customers.
Morrison said the two products will be easily integrated, as Streamlink's developers were already in the process of developing a Java version of the software. Netfinite's existing software is also based on Java. To ease the integration further, Netfinite has hired four of Streamlink's key developers.
Despite Streamlink's poor sales performance in recent months, and the steady decline of US e-procurement vendors, Morrison said Netfinite is travelling well in the Australian market. "The Australian marketplace is savvy," she said. "They are more intelligent on how they approach technology. B2B had a big airing 12-18 months ago, and Australian customers have sat back a bit, watched and learned. They have seen who has faltered and are finding ways of doing it better."
Fisk said he considered the deal a "good transaction". "I hope they can build on what we have done to date," he said. He plans to take a short holiday before evaluating offers to begin working in the IT industry again.