IT services company Powerlan has plans to further expand its software engineering and consulting with the acquisition of PSR Software, a company which specialises in business intelligence.
At the same time, Powerlan announced the placement of 22 million new shares at $1.60 per share to raise a total of $35.2 million. Powerlan said, in a stock exchange announcement, the placement would be "used to finance the acquisition of potential acquisitions and to further develop the business of Powerlan".
Powerlan MD Theo Baker said the acquisition of PSR Software was a further expansion of its application development and information management services capabilities. "It fits well with our existing infrastructure and adds a key component in our strategy," Baker said. "Powerlan is now poised to become a major player in the lucrative business intelligence market in the Asia-Pacific region."
Powerlan also acquired a subsidiary, PSR Professional Staffing, a recruitment company which manages contractors and places permanent IT staff in application development, consulting and business intelligence.
PSR Software's managing director, Michael Shapiro, will become general manager of Powerlan's Software Engineering and Consulting division's Victorian branch into which PSR Software will be integrated.