Magnitude Software, an Austin business information management company, announced Wednesday that it is acquiring Innowera, an Irving, Texas-based business software solutions startup. The companies didn't provide financial details of the deal.
The Innowera acquisition is Magnitude's second buyout this quarter, and it's part of broader strategy of acquiring other startups to add to its own innovations. The acquisitions are funded by a $100 million investment from private equity firm Audax Group and Magnitude CEO Chris Ney, who was previously founder and president of Silverback Enterprise Group.
Magnitude Software itself was born out of a merger between Noetix and Kalido. The company builds a variety of enterprise information management software and has 600 active customers.
The acquisition of Innowera gives Magnitude new tools to help their clients more easily access data and find critical information in SAP, which is one of the most common business software systems on the marketplace.
“Our mission is to enable our customers to derive data-driven insights that yield real business results while reducing time to market and maximizing productivity. Nowhere is this more impactful than within ERP systems, and specifically, SAP,” Ney said in news release. “Together, Innowera and Magnitude deliver solutions that unify the enterprise across increasingly fragmented application environments, including simplifying critical data access, management and visibility for SAP users that traditionally required complex programming with limited results.”
There are no leadership changes coming out of the acquisition.
"Employees, customers and partners can expect a 'status quo' environment with exciting new opportunities available for everyone," the company said. "Both organizations look forward to learning from and working with each other as the organizations become integrated over time."
