Construction software firm Elecosoft plc makes £6.3m acquisition
Construction software company Elecosoft plc has snapped up Shire Systems Limited, a provider of computerised maintenance management software (CMMS).
London-based Elecosoft acquired the business from tech company Shiresoft Ltd for £6.3m in cash, as part of a strategy to strengthen its offering by investing in new software and tech.
Shire Systems, based in Southampton, has over 800 active customers.
Its revenues for the year to December 31 2017 stood at £1.9m. Pre-tax profit was £700k, adjusted to add back £300k of exceptional vendor remuneration.
Elecosoft will finance the acquisition through incremental borrowings of £6m, under a new five-year fixed term loan of £8m with Barclays Bank.
Elecosoft plc executive chairman John Ketteley said: “The acquisition of Shire Systems represents another significant milestone in the development of Elecosoft as a leading provider of co-ordinated BIM led software systems for the construction industry.
“The addition of Shire Systems computerised maintenance management software to Elecosoft’s existing software portfolio will enable Elecosoft to provide construction companies and property investors with a CMMS solution.”
He continued: “The acquisition of Shire Systems represents another step towards achieving Elecosoft’s objective of developing a comprehensive BIM led program of co-ordinated software applications for use in each stage of a building’s life cycle, both before and after completion of the build phase.”
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