November 18, 2013
SIMPRO ACQUIRES SIMTRAC FOR $2.5 MILLION
QUEENSLAND technology company simPRO has moved to full ownership ofvehicle tracking and management specialist simTRAC by acquiring the 50 per cent of the company it did not already own from founder Rex Redden.
The acquisition was made using a combination of script swap and cash and values simTRAC at $5 million.
simPRO CEO Brad Couper said that significant synergies would be achieved from the acquisition as the two businesses were complementary.
“As simPRO moves closer to becoming a full Job Management ERP, simTRAC delivers some great functionality for clients,”Mr Couper said.
“The deeper integration of simTRAC into the simPRO Group family of products is a major competitive advantage that will see us develop the product to deliver market leading tracking, staff visibility and route optimisation to streamline businesses,”
Mr Redden will joinsimPRO as Commercial Director and will focus on driving the simPRO Group offering to a larger market by creating a partner and reseller network across the globe.
Mr Redden said he was excited about the future of simTRAC and looked forward to continuing to grow the company.
“I am pleased to have grown simTRAC to the size it is but I am now looking forward to the next challenge of bringing it completely into the much larger simPRO Group,” Mr Redden said.
“This move will help take simTRAC to the next level in the three countries that simPRO operates in.”
Despite the acquisition, simTRAC will continue to be sold as a standalone solution to companies that don't use simPRO.
The simPRO Group consists of simPRO Job Management Software, simTRAC Vehicle Tracking and Gem Accounts. All of these divisions offer leading cloud based solutions in their respective space.
simPRO was advised on the acquisition by Gold Coast-based McKay Solicitors.
Established in 2002 simPRO Software is a Brisbane-based self-funded software company. With operations in Australia, New Zealand, and the UK, simPRO is the global leader in job management software for the services and contracting sector to improve productivity and profitability in the businesses. The company’s clients range from small contracting businesses to mid-sized businesses through to large enterprises with thousands of staff.
simTRAC is a firm that offers vehicle tracking and fleet management systems to the transport, mining and construction industries and the government.
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