Mergers and Acquistions News
Categories: IT Services & Consulting
October 21st 2008, 16:28PM
Higher education resource management software provider Scientia has announced the acquisition of Anglo-Swedish company Pythagoras International.
The UK firm, which claims to be the global leader in complex resources and human scheduling for the higher education segment, revealed that Pythagoras will become part of its new holding company Scientia Resource Management Limited (SRM).
Based in Cambridge, SRM will operate in China, the Middle East, Germany, Australia, Norway and Sweden and will be worth approximately £6 million in terms of the group's combined annual sales.
Baron Steven Bentick, Scientia's chairman, suggested that there were numerous motives behind the purchase.
"The acquisition of Pythagoras enhances our scale and range of skills and products and provides us with a strong additional recurring revenue stream," he remarked.
How much Scientia paid for the takeover has not been revealed.
Last month, the company claimed that it was looking to continue its expansion into the Asia-Pacific market.
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