Portland’s Springbrook Software made its first international acquisition scooping up New Zealand-based Magiq Software.
Terms of the deal were not disclosed, but Springbrook plans to keep Magiq’s New Zealand and Australian offices. The acquisition brings Springbrook’s employee count to 260 worldwide, up from the roughly 100 the company had a year ago.
Springbrook makes software that local governments, utilities and other entities use for finance, accounting, human resources, payroll and billing. Magiq works in similar markets and makes a suite of finance modules, document management and service request tools. Magiq’s products include mobile applications which are increasingly import with remote work.
These new capabilities complement Springbrook’s new financial cloud platform called Cirrus, the company said.
“Both Springbrook and Magiq Software put customer service and product innovation first. This acquisition represents the execution of our strategy to deliver the most comprehensive suite of fully integrated cloud-based solutions for local government agencies,” said Springbrook CEO Robert Bonavito in a written statement.
Together the companies will serve more than 1,700 villages, towns, municipalities, fire districts, cities and public health boards in seven countries. The bulk of customers are in North America.
Last year, Springbrook revealed it received private equity investment from Accel-KKR and allowed the company to once again be an independent organization. Just six months after that deal, Bonavito was named CEO.
