TechnologyOne enters into Share Purchase Agreement to acquire Avand
Technology One Limited (ASX: TNE), a leading Australian provider of enterprise business software solutions, has entered into a Share Purchase Agreement to acquire Australian enterprise content management (ECM) company, Avand Pty Ltd (Avand), for $10 million.
The acquisition will enable TechnologyOne to offer the DataWorks solution as part of its best-in-class suite of enterprise software solutions, which include TechnologyOne Financials, HR & Payroll, Works & Assets, Business Intelligence, Property & Rating, Budgeting, Performance Planning, Student Management and Supply Chain.
Executive Chairman, Mr Adrian Di Marco, said Avand’s product offering, staff culture and vertical market focus made it a natural fit for TechnologyOne.
“Avand has a customer base of 170 organisations operating in the vertical markets we service. It has more than 70 skilled ICT sector employees and a cutting edge, complementary software solution. The acquisition will provide a perfect vehicle for TechnologyOne to grow staff numbers, increase our customer base and broaden our best-in-class enterprise suite of products.
“In particular, the solution will strengthen TechnologyOne’s position as the dominant software solutions provider for local government organisations across Australia and New Zealand.”
TechnologyOne recently restructured its business to a House of Products model to drive greater focus for each product to be best in its class. This model enables each product to be managed as its own business division, focusing on the required Research & Development, Sales, Consulting and Support to be the market leader in its space, with common corporate support provided across all products. Each product utilises the company’s advanced Connected Intelligence platform, and can be purchased individually or as a deeply integrated enterprise solution. The new structure provides a solid foundation for the company to introduce new products in an organised and logical manner.
“Our House of Products model ensures that each product from TechnologyOne has the focus, strategy, people, systems and culture to be the market leader.
“Customers want an integrated suite of software, but they do not want to compromise on any element of their solution. Our House of Products model gives our customers the best of both worlds - ‘best of class’ products that can come together to make a deeply integrated enterprise solution. They can pick which products they want and can progressively implement them when they want,” said Mr Di Marco.
“I’m confident that Avand’s DataWorks solution and staff will fit well into our House of Products model. It will provide our customers with a broader enterprise offering and enable us to cross sell our range of products to an expanded customer base.”
DataWorks provides a powerful platform with automated workflow functionality for streamlining information capture, sharing, distribution and management.