ReadyTech completes acquisition of Open Office
ASX-listed technology provider ReadyTech continues strong growth trends in new and attractive verticals with the successful acquisition of Open Office and McGirr Technologies (collectively Open Office).
ReadyTech (ASX: RDY), a leading provider of people management software in the education and employment sectors, has today completed the acquisition of Open Office following the receipt of shareholder approval at ReadyTech’s Extraordinary General Meeting held on Friday, 19 March 2021.
Commenting on the completion of the acquisition, ReadyTech CEO and co-founder, Marc Washbourne said: “We’re delighted to welcome the Open Office team to ReadyTech, and are excited by the growth potential we see for our expanded SaaS businesses.”
In February this year, ReadyTech committed to acquiring the leading government and justice case management SaaS provider, Open Office, with upfront consideration of $54 million and earn-out considerations of up to an additional $26 million.
Consistent with ReadyTech’s strategy to identify new and attractive verticals, this acquisition reinforces their commitment to delivering mission-critical SaaS to support highly targeted markets – underpinned by a best practice approach that leverage ReadyTech’s high trusted, modern technology platforms.
“With growing revenues, strong margins, profitable operations and positive cashflows, ReadyTech is in a unique position to support our customers, build exciting careers for our people, and deliver sustainable growth in shareholder value.” Washbourne said.
Managing Director of Open Office, Phillip Simone (who will take on the role of Chief Executive, Government and Justice) said: “Open Office has a strong foothold into all levels of government in Australia. This is an exciting new chapter for us, as ReadyTech’s proven capability will assist in driving deeper connections with an industry that has strong barriers to entry, leveraging the robust, long-term relationships we already have with our customers.”
To learn more about ReadyTech’s Government and Justice segment, visit www.readytech.io/government.
Head of Marketing & Communications
p. +61 422 436 787