TechnologyOne (ASX:TNE) to connect via a UK service

TechnologyOne (ASX: TNE) entered an agreement regarding the acquisition of the UK education service, Scientia Resource Management. 

The global software that allows businesses to connect via a singular platform, said the acquisition aligns with their focus to deliver the deepest functionality for higher education and accelerate its growth and competitive position in the UK. 

In a cash funded deal, it will likely be worth up to $22.4 million (£12 million) if earnout targets are met to FY23. 

Scientia’s product Syllabus Plus provides academic timetabling and resource scheduling, with their products been used over 150 Universities across the UK and Australia. 

TechnologyOne’s CEO Edward Chung said, “the integration of the Scientia’s advanced academic timetabling and resource scheduling capabilities, combined with our market leading Student Management, HR & Payroll, Enterprise Asset Management and Finance capabilities, will provide smarter decision-making eliminating underutilisation of space and resources that is paramount for Higher Education across the globe in a post-covid world.”

If the deal was to go ahead, it would be placed as TechnologyOne’s first ever international acquisition.

Shares in TechnologyOne (ASX:TNE) are trading 3.1 per cent higher at $10.44. 
 
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