Objective Corporation (ASX:OCL) signs off on Simflofy purchase

Company News

by Lauren Evans

Objective Corporation (ASX:OCL) has signed off on the purchase of Atlanta-based software company, Simflofy.

The software company said Simflofy’s technology tames the data sprawl prevalent in today’s organisations, by connecting myriad business systems, content management repositories and file stores so that users can find information wherever it is held.

It also said the addition of Simflofy’s technology will address the strong demand for enterprise class federated governance, extending beyond the Microsoft office and M365 ecosystem.

"Simflofy’s experience in federated governance is second to none. We have been engaged with Simflofy for many years, so naturally, we warmly welcome the entire Simflofy team to the Objective family," said chief executive officer Tony Walls.

“We have been planning expansion in North America for some time, looking for the right opportunities: with travel restriction now lifted, 2022 is an appropriate time for us to commit to expansion in this market,” he added. 

The transaction is expected to cost $6.9 million (US$5 million), comprised of around $4 million and 185,000 Objective shares. The company said it expects Simflofy to contribute a minimum $3 million software revenue in financial year 2023. 

Shares in Objective Corporation (ASX:OCL) are trading 1.4 per cent lower at $16.01. 

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