ASX-listed software and services company, Stratatel (ASX:STE), has acquired the software design and promotion business of Cloud-based accounting and ERP software provider, JCurve Solutions.
In a statement to the ASX, Stratatel said it aims to establish a new-look company focused on Cloud-based software.
As part of the acquisition, Stratatel will change its name to JCurve Solutions, rebrand its telecommunications expense management FleetManager product to JTel and its IT professional services business to JConnects.
It will also develop an online, self-install wizard connected to JCurve’s business accounting GO product and re-launch into the A/NZ market.
Graham Baillie will step down as Chairman to become the managing director of the new entity while Nihal Gupta will take the Chairman spot.
Michael Fairclough and Ian Macliver will retire after the company’s AGM.
“The changes that Stratatel is undertaking will be transformational and we have introduced management changes with a clear vision in mind that will allow us to capitalise on growth and market opportunities,” Baillie said.
Baillie is 100 percent shareholder of JCurve, and he will receive 71.4 million STE shares, 35.7 million company incentive options and a cash consideration of $1 million. After the transaction is completed, he will hold more than 20 per cent of the new company.
In April 2009, JCurve secured rights to exclusively promote and sell a small business version of NetSuite’s Cloud-based business software in A/NZ under its own brand, as well as supply NetSuite to medium and large companies.
NetSuite APAC and Japan managing director, Mark Troselj, said he supported JCurve’s next stage in company growth.
“Our partnership with JCurve allows us to make the NetSuite technology accessible and affordable for small business users in the A/NZ market while they receive quality service and support,” Troselj said.
The transaction will be completed at the end of November and is subject to regulatory and shareholder approval.