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Sopheon acquires Australian software provider Prodex for AUD1 million

10th Jul 2023 10:17

(Alliance News) - Sopheon PLC on Monday said that it had acquired the business and assets of Prodex Systems Australasia for AUD1 million, or around GBP518,195.

Sopheon, the Surrey, England-based enterprise software provider, said that Prodex has been the company's reseller in Australia for over a decade. Prodex is a provider of innovation software and consulting based in Brisbane, Australia.

The company said that Prodex is a "healthy and profitable business", with revenue of AUD1.5 million and earnings before interest and tax of AUD150,000.

The deal with Prodex follows Sopheon's completion of two transactions, acquiring and integrating ROI Blueprints LLC and Solverboard, now known as Acclaim Ideas, which brought significant technology assets to the company.

"The launch of these new solutions expands Sopheon's addressable market by an estimated USD2.0 billion and boosts the group's position as the leading software vendor," said Sopheon.

Chief Executive Officer Greg Coticchia said: "This is Sopheon's third acquisition in 19 months and the latest evidence of strong momentum that our company is experiencing.

"With companies throughout South-East ASia increasing their innovation investments, its fitting that Sopheon's first acquisition to expand our geographic presence be in this expanding market."

Shares in Sopheon were up 5.9% at 598.20 pence in London on Monday morning.

By Will Neill, Alliance News reporter

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