The acquisition includes client contracts, human resources and all intellectual property.
Chairman of Admerex, Kim Goodall said the acquisition gives the company a significant presence in the large United States market and a complementary collections system that integrates with the existing Admerex CWX solution.
"The new business strengthens the company's growing line of credit management, receivables management and payment solutions, and gives Admerex a sound installed client base in a strong market as a foundation for growth both inside and outside the US," Goodall said.
The acquired software facilitates the collections process for debt collection and recovery agencies, and complements the other Admerex CWX modules which manage the collections and receivables process for first party credit grantors. The software is currently licensed to 43 clients in the United States comprising a mix of both large and small organisations including;
* Georgia Power Company
* ITC DeltaCom
* Michigan State University
* Mid America Insurance Services
Goodall said Admerex has already completed its first installation of the new Admerex CWX module in a collection agency in Singapore.
The US operations will be conducted through a new subsidiary company, Admerex Inc, managed by Enrique O'Reilly.