Australian small business ERP provider JCurve Solutions has raised $2.5 million in capital and acquired telecommunications management solutions provider The Full Circle Group.
The $2.65 million buyout of the Full Circle Group consists of $1.8 million in cash plus $850000 in shares, according to an ASX statement.
Full Circle provides cloud and software services, as well as consulting, for the telecommunications sector.
JCurve Solutions said in its statement that Full Circle had recently put in significant development into its Ruby on Rails-based telecom expense management offering. It is not known yet how the product will integrate with JCurve's existing telecom expense manager JTel.
"[The acquisition] also introduces a new range of consulting services including benchmarking, auditing & optimisation, proposal evaluation and tender management," said JCurve Solutions director, Chris Gabriel.
The statement also announced that the board raised $2.5 million in a placement of shares. The money remaining after the purchase of Full Circle will be used to "accelerate marketing efforts" for its signature product.
Also called JCurve, the cloud offering is a small business version of Netsuite that the company holds exclusive Australian channel rights for.
"The funding will let JCurve raise its profile and capitalise on the opportunities in the growing cloud small business software market," said managing director of JCurve Solutions, Graham Baillie.
JCurve Solutions itself was acquired by Stratatel in September, with its exclusive relationship with Netsuite the big attraction. The JCurve name was retained post-merger with the company trumpeting its willingness to take on MYOB and Xero in the SMB market.
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