Integrated Research Limited (ASX:IRI)
has bought a communications testing business in the US.
IR will pay around $6.4 million dollars for the company. An upfront payment of US$1.5 million is due on July 1 with performance based earn-out payments of up to US$3.5 million over the next three years.
IQ Services provide cloud based software as a service-testing solution and operate only in North America. IR gets most of its business across Europe and Asian and will immediately market the product there.
It’s the software services company’s first acquisition in around ten years and is part of a growth strategy to leverage its current market position.
Integrated Reserach made a net profit of $7.5 million for the first half of the 2015 financial year.