Software company, Altium (ASX:ALU), has announced the successful take over of Australian Cloud application development company, Morfik Technology.
In September, Altium flagged its intentions to secure the Cloud company and officially completed the acquisition on 2 November.
In a scrip transaction, Altium issued 13.3 million fully paid ordinary shares, equating to approximately 14.9 per cent of outstanding shares, for 100 per cent of Morfik’s outstanding shares.
In an ASX statement, Altium noted the acquisition will result in the merging of all Morfik’s staff with Altium’s team, including chief executive, Aram Mirkazemi, who will take up the position of head of engineering. He will work closely with Altium founder and chief executive, Nick Martin, on defining a research and development strategy and directing product development.
Additionally, all of Morfik’s assets, which are located in Sydney, Hobart, Kiev and the Ukraine, are now owned by Altium.
According to the ASX statement, the aim of the acquisition was to strengthen Altium’s engineering and technical capabilities, and furthermore, to let electronic designers develop systems and have the ability to run them on cloud-based applications.
The news follows the announcement in late August that Altium had been hit hard by the global financial crisis, posting a loss after income tax of $US10.4 million for the year to 30 June 2010. The result follows a $US8.39 million loss in the 2009 financial year.