Cloud-based operations software provider Dude Solutions has acquired Assetic, a Melbourne-based technology firm backed by Australian private equity investor MH Carnegie & Co, according to an announcement.
The financial terms of the deal were not disclosed.
Founded in 2006, Assetic is a cloud-based asset management vendor that offers advanced predictive modelling capabilities to facilitate the maintenance of infrastructure. The company expanded its operations to North America last year.
“Combining our product with the Dude Solutions suite is incredibly exciting as this acquisition positions our team to support the growing demand for strategic asset management globally,” said Assetic co-founders Ashay Prabhu and Joel Brakey in a statement.
MH Carnegie had acquired a 55 per cent stake in Assetic for A$10 million ($6.1 million) in 2013, according to AVCJ.
The acquisition strengthens Dude Solutions’s comprehensive and connected suite of operations management software and solves an important need of clients, the US company said in a statement.
Dude Solutions is a software-as-a-service (SaaS) provider of operations management solutions to education, government, healthcare, senior living, manufacturing and membership-based organizations. The company claims to have catered to over 11,000 organizations to date.
Established in 2010, MH Carnegie is an alternative asset manager with approximately A$900 million in committed funds under management across venture capital, private equity and real estate.