Objective finds cloud path with Limehouse

 

Listed enterprise content management provider Objective has acquired a UK-based hosted record keeping platform operator called Limehouse for $6.65 million.

Objective has acquired 100 per cent of the issued capital of Limehouse, with an additional performance-based earn-out of up to $3 million contingent on achieving FY2010 benchmark results.

Limehouse's full year revenues to 30 June 2009 are expected to be in the range of $6.3 to $7.4 million.

The UK-based company has around 250 customers, including approximately 200 in the UK local government sector and 35 in North America.

The acquisition extends Objective's market share and capability in the Public Sector market, according to Objective CEO Tony Walls.

"Of further strategic importance, Limehouse has a proven and profitable software-as-a-service model, completely hosted in the cloud," Walls said.

"This is the first of many solutions Objective will deliver via this model."


Objective finds cloud path with Limehouse
 
 
 
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