Credit: Dreamstime
Publicly listed SaaS provider ReadyTech has acquired IT Vision in an effort to boost its position in the local government sector.
The acquisition will see ReadyTech add 190 local government customers with a majority located in Western Australia and South Australia. A recent expansion effort has also seen IT Vision nab significant customer wins in Queensland.
Western Australia-based IT Vision is a 30 year old software specialist with a product suite supporting a broad range of functions across councils including its flagship ERP, SynergySoft, and the Altus cloud-based platform. Other markets include transport authorities, utilities, healthcare and statutory authorities.
Other tools in the IT Vision Altus product portfolio include business analytic tools, risk management, an online timesheet solution, finance enquiry solutions and procurement.
The $23.1 million price point will be paid using a combination of 50 per cent cash and 50 per cent scrip with an earn out consideration of up to an additional $31.5 million subject to revenue and earnings before tax (EBIDTA) milestones.
ReadyTech co-founder and CEO, Marc Washbourne said the acquisition was strategically important to its government and justice segment.
“We have been very impressed with the level of satisfaction from a loyal customer base and the sense of a customer community developed by an experienced and committed management team at IT Vision,” he said.
“In addition to the extending ReadyTech’s government reach in WA, SA, NSW and QLD, we see considerable opportunity to cross-sell and upsell from ReadyTech’s broader product set and increase share of wallet, given the digital transformation taking place in the government sector and the cloud transition already underway within IT Vision’s customer base.”
Two years ago, ReadyTech forked out $72 million for Melbourne-headquartered government software specialist Open Office.
