Is NEC set to acquire Civica for $1.5B?
- 17 July, 2017 11:58
NEC could be willing to pay $1.5 billion for Civica, the UK-based public sector software provider, according to Sky News.
The Japanese-headquartered technology company, NEC, has reportedly hired advisers to work on an offer.
An auction for Civica reportedly started several weeks ago. Sky News claims an industry source revealed that Civica received initial offers from a trio of private equity firms BC Partners, Berkshire Partners and the Swiss-based Partners Group.
Civica Group's revenue was up by 14 per cent, posting a total $448.3 million, for the 2016 financial year ended 30 September. In the Asia-Pacific region, the company posted total revenue of $74.8 million, up 6 per cent from the previous year.
OMERS Private Equity, which is part of a Canadian pension fund, has reportedly hired Goldman Sachs to explore a potential sale of Civica. Back in 2013, OMERS Private Equity acquired Civica for $653 million.
Civica has offices in the UK, Ireland, Australia, New Zealand, Asia and the USA.
In April, Civica's Australian operation launched a program aimed at encouraging local government customers to partner and develop solutions that access grant funding from the Federal Government Smart Cities and Suburbs initiative.
In November 2016, the software vendor landed a $103.6 million contract to replace the Victorian government’s legacy system with a custom-built infringements management system named VIEW.