Home Industry Listed Tech TechnologyOne buying ICON Software in $10 million deal
TechnologyOne Chairman Adrian Di Marco TechnologyOne Chairman Adrian Di Marco Featured

Australian listed software company TechnologyOne has today completed a sale and purchase agreement to acquire unlisted software vendor ICON Software Solutions for $10 million.

In a statement to the ASX, TechnologyOne (ASX:TNE) said a substantial proportion of the purchase price is payable on the achievement of an earn-out, with the acquisition expected to be earnings neutral for FY15.

The ASX statement notes that the acquisition forms part of TechnologyOne’s strategic focus on providing innovative and relevant solutions for the local government sector.

Established in 2008, ICON is Australasia's leading provider of ePlanning and eGovernment software, and the two companies have successfully worked together over many years to deliver an integrated ePlanning and assessment solution to local government customers.

In a statement on the company website, TechnologyOne’s Executive Chairman Adrian Di Marco, said that the acquisition provided important functionality for the company’s offering in the local government sector, as well as deep domain expertise.

“ICON’s focus on online services for local government has many synergies with TechnologyOne.

“We already share many of ICON’s customers. The acquisition will enable TechnologyOne to offer an even more effective, best-in-class ePlanning and assessment solution.

“The solution also fits into our integrated and online centric local government enterprise vision. It adds to the already extensive set of online transactions available, further simplifying council operations as we continue to expand the depth and breadth of our solution.

“Our focus is on delivering an end-to-end solution and a single point of accountability for all TechnologyOne customers.”

The company says the acquisition builds on TechnologyOne’s dominant market position in local government, with over 70% of the 100 largest councils, and one third of all councils, across Australia and New Zealand partnering with TechnologyOne today – “the councils benefit from the company’s deep understanding of local government and ongoing investment in solutions for the sector”.

Di Marco said delivering innovative and relevant solutions to meet the current and future needs of local government was a strategic focus for TechnologyOne. “The unique IP and specialist functionality we are acquiring with ICON supports our vision of enabling councils to interact with their communities efficiently through online and digital channels”.

TechnologyOne has said it will invest in the ICON software, redeveloping the application to TechnologyOne’s “world class Ci Anywhere platform, providing smart mobile device technology and seamless integration”.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

 

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