Sirius completes Pinnacle purchase

Software company Sirius (ASX:SIU) has paid $1m to acquire an asset management software developer, closing a deal first announced in June

Enterprise software company Sirius Corporation (ASX:SIU) has completed the acquisition of asset, lease and property management software developer Pinnacle Software.

Pinnacle Software has annual revenue of around $1.5 million, from some 90 customers in the corporate and government sectors. It has offices in Canberra and Melbourne.

Sirius has paid an initial $1 million for the acquisition, and will pay out more in the form of Sirius scrip if certain ebit targets are met in the next two financial years.

To meet the initial payment, Sirius accepted unsecured loans from investors totalling $1.5 million.

Sirius has announced that all current Pinnacle staff and key management will remain employed following the acquisition.

In addition to Pinnacle Software, Sirius is also in the process of buying Melbourne-based budget management and business analysis software company Chameleon Technology. Both acquisitions had been announced in June.

The $5 million Chameleon acquisition had been scheduled to be tied up by August 31 — the date set for the completion of the sale and purchase agreements.

But on September 1, Sirius disclosed that it had agreed to extend the deadline for the satisfaction of conditions until the end of the month. The sale should now be complete at the end of November, and effective as from that date — instead of July 1 as initially planned.

SIU shares stayed flat on Friday at $0.030.

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Tags businessacquisitionsSirius CorporationPinnacle Software

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