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Technology One Limited (ASX:TNE) has completed an agreement to purchase ICON Strategic Solutions for $10 million.
The ICON software is used across council websites in Australia and New Zealand to allow residents to track applications and permits, view planning schemes and browse community plans.
The acquisition fits well within Technology One’s strategy of chasing business in local government. Technology One will invest further in the software, enabling integration to TNE’s Ci Anywhere platform which allows smart mobile device technology.
A large part of the $10 million price tag for ICON is payable on earn-outs and is expected to be earnings neutral till the 2016 financial year.
Technology One Limited (ASX:TNE) made a net profit of $31 million for the financial year ending 30th September 2014.
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