Brisbane-based software company Mincom has been acquired by Swiss engineering giant ABB for an undisclosed amount.
ABB agreed to acquire Mincom to broaden its software portfolio and move deeper into the enterprise asset management (EAM) software and services space.
Mincom was acquired by Francisco Partners, private equity firm, in 2007 for $315 million.
The company has 1000 employees and annual revenue of around $US200 million. Its core market is in the mining and engineering sectors.
Mincom CEO Greg Clark said ABB's interest in the business is a vote of confidence in the company’s products and growth prospects.
“By combining with ABB, Mincom customers will also benefit from ABB’s commitment to expand R&D investment in Mincom’s solutions and customer support,” Clark said.
At ABB, CEO Joe Hogan said the acquisition of Mincom is part of a strategy to broaden its software offerings.
“Mincom helps us to increase the depth of our enterprise asset management offering, building our position as a leader in the key growth sectors of natural resources and energy,” Hogan said.
ABB will retain the Mincom management team and its operations will be added to Ventyx, ABB’s dedicated software business.
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