Yet another Australian software company has fallen under foreign control. SaaS provider of sourcing, contracting and vendor management Portt has been acquired by UK software and services provider Advanced.
Initially self-funded before raising $4 million in 2021, Portt had worked with Advanced to address the UK market.
Its local customers include NSW Health and Super Retail Group.
Portt is a procurement, contract, and vendor management platform that helps customers streamline processes. It can be adapted to meet the specific needs of each client.
“We are delighted to welcome Portt to the growing family of Advanced – integrating their technology will enable our combined customers to realize greater efficiency and productivity across their teams, proactively driving improvement and business growth,” said Gordon Wilson, CEO of Advanced.
“This acquisition represents another important step in our strategy for growth and international expansion, building on our already successful footprint in Australia. This is a strategically extremely complementary acquisition as we focus on developing our comprehensive ERP offering including financial, expense and people management in both the UK and ANZ and another significant addition of world-class innovative technology for our customers.”
Portt Co-CEO and Co-Founder Chris Holmes said, “We are extremely proud of what we have achieved with Portt. customer.
“Being part of the Advanced family allows us to be part of a premier financial and expense management software organization, with our world-class procurement technology, providing a force multiplier to customers.”
Port Co-CEO and Co-Founder Andre Pinkowski said, “The cultural fit between our two companies is excellent – Advanced shares many of the same philosophies as Portt regarding people and invests in their development.
“The acquisition will amplify what Chris and I have already worked hard to achieve, and we are confident that our employees will jump at the great opportunity that exists in being part of a larger organization that shares our values.
“Portt has always had its eye on expansion outside of ANZ and given the Commonwealth standards adopted in our solution, the UK was the most logical place for us to focus. The combination of Advanced’s strong presence in the UK with ambitions to expand into ANZ and our strong footprint in ANZ with ambitions to expand into the UK makes it a win-win.”
The acquisition is Advanced’s tenth since 2020. It doubles Advance’s Australian footprint and follows the recent acquisition of data capture and document automation provider CloudTrade.
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