Powerlan has dusted off its recently-dormant acquisition wallet and bought financial services software developer IMX Software in a move that could signal a return to the frenzy of purchases it made in 1999 and 2000.
Between October 1999 and October 2000, the ASX-listed integrator acquired over 20 companies in its quest for market dominance in IT services, but the so-called "tech stock wreck" has proven to be somewhat of a hurdle in the last eight months. The acquisition of IMX software, for an undisclosed multi-million dollar amount, sees the integrator once again back in the acquisition saddle.
IMX develops software for currency exchanges and travel funds management. The software has been installed in over 1700 sites worldwide over the past 10 years. The company had been seeking a suitor to acquire it and take the business to greater heights, a task Powerlan managing director Theo Baker claims will be achieved through integrating the technology with its own Portfolio Management System (PMS) funds management product.
A spokesperson for Powerlan said that, as it has done with other acquisitions, IMX's 26 staff will all come across to Powerlan. "The staff is generally the most valuable part of the acquisition," he said.
The Powerlan buying frenzy
October 1999 - CSSL.
October 1999 - SI Resources Partnership.
October 1999 - IT&T Careers.
October 1999 - Clarity (51 per cent stake).
October 1999 - Australasian Technology Remarketing.
November 1999 - Namadgi Technology Group.
December 1999 - Strictly Training.
February 2000 - APA Management services.
February 2000 - Interface Technology.
March 2000 - PSR Software.
March 2000 - Centrelink Systems.
March 2000 - Phase Shift Technology.
March 2000 - White Pine Connectivity division.
March 2000 - Web Trax.
March 2000 - CountryTECH.
March 2000 - Tara Daniel and Associates.
April 2000 - IT&T Services.
April 2000 - Sunrise.
April 2000 - XSI.
October 2000 - NEIS business.
July 2001 - IMX Software.