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- Global software company LiveTiles, will buy CYCL, a Swiss-based intranet software provider
- The acquisition may cost LiveTiles up to $32 million including the initial payment and two earn-outs
- The company targeted CYCL because of its unique technologies which will expand LiveTiles’ offerings
- Despite the news, LiveTiles is down 3.08 per cent, with shares trading for 31.5 cents
LiveTiles has reached an agreement to acquire CYCL, a leading intelligent intranet software provider in Switzerland.
The acquisition comprises an initial purchase price of A$19 million and two earn-outs of up to $13.2 million.
In total, LiveTiles could be forking out roughly $32.2 million to complete this purchase.
LiveTiles is a global software company that offers intelligent workplace software for various markets.
The acquisition of CYCL is expected to accelerate growth and develop LiveTiles’ Intelligent Workplace Platform.
“This acquisition fast-tracks our product roadmap with an aligned technology
architecture developed by a highly talented team,” LiveTiles Co-founder and CEO Karl Redenbach said.
“We are particularly excited about the opportunity to target organisations with large desk-less workforces via CYCL’s low-touch, mobile-friendly Condense product,” Karl added.
Condense is a recently developed, mobile-focused SaaS product enabling organisations to launch a “pocket intranet.”
The technology can highly benefit smaller organisations and workers without traditional company IT account access, as all they will require is a mobile phone.
LiveTiles aims to leverage Condense to boost sales and speed up the deployment process for customers.
In addition to Condense, the New York-based software company has targeted CYCL for its MatchPoint solution.
MatchPoint is an award-winning intranet solution aimed at enterprise-wide deployments.
In a statement to the market, the company claims the combination of CYCL’s MatchPoint capabilities with LiveTiles and Wizdom (acquired this year), creates an enhanced Intelligent Workplace offering.
CYCL CEO Patrick Püntener is also pleased with the acquisition.
“We are genuinely excited to be joining the LiveTiles team, the global market leader in the relatively new category of intranet software,” Patrick said.
“We are fully aligned with LiveTiles’ Intelligent Workplace vision and we look forward to realising the substantial opportunity to accelerate growth as we combine our products, teams and sales channels,” he added.
This acquisition is a strategic way for LiveTiles to expand within the IT solutions sector with a specific focus on enterprise organisations that are seeking rapid upscale and streamlined expansion.
The acquisition of CYCL is expected to take place on December 2 2019.
Despite the news, LiveTiles is down 3.08 per cent, with shares trading for 31.5 cents at 1:05 pm AEDT.
