Australian Software as a Service (SaaS) giant TechnologyOne (ASX: TNE) is set to acquire UK-based higher education software provider Scientia Resource Management for £12 million (AUD$22 million).
The two companies entered into a sale agreement today, with TechnologyOne CEO Edward Chung saying the acquisition would strengthen the Brisbane-based company’s expertise in the education sector.
“This acquisition forms part of our strategic focus to deliver the deepest functionality for higher education and it will accelerate our growth and competitive position in the UK as well as have significant benefits in the Australian Higher Education market,” Chung said.
“Scientia’s market leading product Syllabus Plus provides advanced academic timetabling and resource scheduling. Their products provide mission critical software for over 150 leading Universities across the United Kingdom, and Australia including the University of St Andrews, University of Exeter, Monash University and the University of Queensland.”
Founded in Cambridge in 1989, Scientia was an early player in scheduling technology, having first developed timetabling systems for schools and colleges before going on to develop a suite of solutions for the entire education sector.
TechnologyOne founder and executive chairman Adrian Di Marco says the acquisition, the company’s first international takeover, demonstrates the company’s commitment to both higher education and the UK market.
“The unique IP and market-leading functionality of Syllabus Plus supports our vision of delivering enterprise software that is incredibly easy to use and that substantially enhances our customers’ experience in the higher education sector,” says Di Marco.
“We are excited about the opportunities this will bring to both our UK and Australian customers in the coming years.”
Shares in TNE are up 2.67 per cent to $10.40 per share at 10.37am AEST.