Mergers and Acquistions News
Categories: Software
May 6th 2010, 15:51PM
Allocate Software, which provides workforce optimisation applications for global organisations, has announced the £9 million acquisition of UK-based software-as-a-service firm Dynamic Change.
The £9 million deal will be spread over three years, including £1.6 million in cash and receivables acquired with the business on completion of the acquisition.
Dynamic Change draws the vast majority of its revenues from the healthcare sector and the transaction is expected to significantly enhance the earnings of Allocate in the first full financial year of ownership.
Ian Bowles, chief executive officer of Allocate, said the deal also broadens the company's portfolio of offerings for the healthcare sector, adding regulatory compliance, corporate governance and risk and performance management capabilities.
He added: "We will also gain domain expertise in software-as-a-service.
"We believe this is an attractive opportunity to achieve additional visibility in our top-line growth and increase our recurring revenue base."
Last month, Allocate partnered with MKM Consulting to sign its first healthcare customer in Australia.
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