Utility billing software and services provider Hansen Technologies (ASX:HSN) has acquired US billing software developer NirvanaSoft for an undisclosed sum.
The company said the acquisition doubles its customer base for energy billing in North America, and lifts revenue from the region by 50%.
“The US market represents a significant opportunity for us,” Hansen CEO Andrew Hansen said. “This acquisition will allow Hansen to leverage the benefits of both organisations.”
NirvanaSoft develops software aimed at meeting the unique requirements of billing systems for commercial industrial customers of energy companies. It was established in 1997, and is headquartered in New York.
Hansen said it would fold NirvanaSoft's management and employees into its team.
NirvanaSoft's current CEO, Dr Kumar Parameswaran, will take a senior management role at Hansen where he will continue to have a hand in running the NirvanaSoft business.
The acquisition was funded through internal resources, Hansen said.
Hansen reported a 37% increase in FY10 profit to $11.1 million, on 6% higher operating revenue of $57.8 million.
Its share price has been outpacing the market reported with its growth, having increased from 45 cents in August to 79 cents today.