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Local Adaytum sells out

Local Adaytum sells out

US-based Adaytum Software has bought out its Australian distributor, Adaytum Software Australia, for an undisclosed sum. The Sydney-based distributor will now become a wholly owned subsidiary of Adaytum Software, which specialises in business planning software.

Giles Haddleton, who founded Adaytum Software Australia in mid 1998 and will now become managing director for the Asia-Pacific, said the additional funds would allow the company to expand rapidly.

`We've been very successful within the Australian marketplace,' Haddleton said.

`Adaytum was looking at how to manage the Asia-Pacific and was too far away to do it properly, so it made sense to set up here. The deal gives us greater opportunities in the marketplace. We're planning to grow pretty quickly and this gives us additional funding to do it.

Adaytum Software believes the move will give the business stronger sales and support operations in the region. The company has also purchased its Canadian distributor.

`We're very pleased that both the Australian and Canadian operations have been so successful in such a short period of time,' said Mark Stimpson, senior director of international sales. `With a stronger presence in these regions, Adaytum is better positioned to serve a growing number of customers and partners.'


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