Melbourne ISV Asset Vision sells for $10m

Melbourne-based asset management software company Asset Vision has sold to ICT provider PS&C for $10 million.

The deal for cash and shares will be paid in two installments, $6 million upfront and the remaining $4 million to be paid in one year.

In a statement to shareholders, PS&C said the acquisition formed part of its strategy through direct ownership and commercialisation of digital assets in growth markets.

According to the statement the deal came about following a commercial agreement between Asset Vision and PS&C subsidiary Respring. The latter had been providing “market growth advisory services” for the previous 12 months.

“We believe the strength of the software solution, its growth strategy and pipeline of new opportunities, together with the predicted growth in the global $5.1 billion Enterprise Asset Management Software market, paves the way for strong revenue growth,” the company said.

Asset Vision currently holds contracts with the New South Wales and Victoria State Road Authorities, councills, construction companies and a toll road operator in the US, Atlas Arteria.

Asset Vision founder and managing director Damian Smith will become CTO of PS&C as part of the deal.

Smith said the company had spent three years improving the platform to attract customers in new markets.

“Connecting with Respring allowed us to identify a clear path forward to the next chapter in our story. We are retaining long term clients and winning clients from our competitors,” he said.

PS&C Chairman Renata Sguario said “Asset Vision has established itself as a serious market participant with much of its current $1.6 million revenue base locked in by multiyear contracts with significant clients.”

“We see a substantial opportunity to add our sales and marketing expertise to accelerate revenue growth exponentially.”