Private equity pumps $26m into Melbourne systems integrator

Victoria-based Readify is looking to accelerate its growth following a $16 million investment made by Blue Sky Private Equity.

An additional $10 million in capital provided by the private equity firm will help the company secure future acquisitions.

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Readify managing director Graeme Strange told CRN the software development company was now hungry for acquisitions.

"We've done a pretty good job in the IT software space, now we really want to target platform companies.

"We're coming up with a list of potential candidates that are slightly smaller in size but higher in quality."

An acquisition will help Readify maintain its strong growth. According to Strange, the company's sales revenue has "grown 25 percent year-on-year for the past seven years" due to its continued focus on quality and stringent hiring practices.

"We continue to focus on quality, and differentiate ourselves around our quality. We add to that the best of breed tooling, processes and methodology. The idea is we can outperform any of our competitors."

Readify will use the $16 million investment to accelerate its organic growth. In an effort to generate new business, the company plans on expanding from "a couple of hundred staff" to 350 staff within just three years.

"We know where the business is. It's just a matter of going out and getting it."

Blue Sky's investment in Readify will give the private equity firm a 70 percent stake. Managing director Graeme Strange has a 25 percent share.