ASX-listed IT services provider COSOL has acquired US-based managed services provider and enterprise asset management specialist AddOns for US$1.5 million.
The deal comes after the companies first forged a working partnership in 2018, where both would resell each other’s products and services in their respective regions.
COSOL said the acquisition is in line with its ambitions of becoming a global player in enterprise asset management, bringing together 160 specialists under one roof.
COSOL’s main offering is ABB”s Ellipse enterprise asset management solution, but is also a channel partner of SAP and IFS, working largely in the mining industry.
COSOL non-executive chairman Geoff Lewis said, “The acquisition of AddOns is a key
step in COSOL’s strategic growth plan for geographic and capability expansion to best serve our clients. We are committed to our strategy, but will only undertake acquisitions where they make operational sense, are culturally aligned, and are accretive to earnings.”
“Together COSOL and AddOns have coverage of close to 60 percent of ABB Ellipse clients in APAC, and over 50 percent of the installed base in North America. The enhanced capability and track record which AddOns brings, particularly in EAM managed services and cloud computing, when combined with COSOL’s financial strength and referenceability in both Ellipse and SAP, establishes a strong base to aggressively undertake larger and more complex engagements previously the domain of the software vendors such as ABB, in our own right.”
AddOns director and president Max Rogers will continue to lead the combined company’s North American operations, while all AddOns staff will also be retained. There will also be opportunities to engage with their COSOL counterparts on an exchange programme basis.
The acquisition is expected to complete in the next two weeks, subject to the satisfaction of a number of conditions.