WANdisco uses AIM listing to good effect
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Software firm WANdisco has made its first acquisition as a public company, four months after joining the Alternative Investment Market.
WANdisco, which provides collaboration software to the development industry, has purchased SmartSVN for $1 million (£616,000).
Seven-year old SmartSVN, which also develops software but with an emphasis on the SME market, has been bought from German firm Syntevo.
The deal comes fourth months after WANdisco listed on the Alternative Investment Market (AIM) and raised £10 million as part of its plans to open up into new markets and develop further products.
According to a statement, the transaction will provide WANdisco with an opportunity to cross-sell between its and SmartSVN's users as well as implementing its e-commerce sales model with a 'proven product and install base'.
WANdisco chairman and CEO David Richards says that buying SmartSVN will enable the business to access 'millions' end-users and target what it calls the 'important' SME market.
He adds, 'I am delighted that we have completed the agreement to purchase SmartSVN. It is proven in the marketplace and the feedback from our existing customers who have used it for years has been excellent.'