|Deal completed in:||8 months|
This long-established IT software company of 21 years was based in South East Australia. Specialising in Laboratory Information Management Systems software, the company had an extensive customer base of large laboratories across Australasia, Indonesia and China. It sat within the top 3 of the largest companies in Australia in this market space.
Its software was easy to use and flexible, with ability to adapt to different operations, environments and scenarios without the need for customisation. The core product has been internationalised, offering huge potential for export and international growth.
The vendor had previously sold a contract testing laboratory with a $3 million+ turnover and took over this business in 2004 after the original vendor passed away.
The decision to sell this second successful business, was due to the vendor approaching retirement.
What Hornblower did
We took the business to market in April 2015 contacting our extensive database of contacts. By November 2015 we had 3 competing parties who we then further qualified alongside the vendor to ascertain the best potential offer and fit for the business going forward. We agreed heads of terms in November 2015 and the deal was completed a month later.
The WIN WIN result
The final buyer was an Australian software group based in Sydney, Australia – ironically just a few streets away.
We wish both parties every success in the future.
SOLD – December 2015