Scisys acquires Annova
WORLD: Scisys Group, the company behind Dira! has purchased German newsroom software systems manufacturer Annova. Following the acquisition, Annova will continue to operate under its current name and product portfolio, while CEO Michael Schüller will continue to lead the team from the company’s Munich headquarters.
‘Our enlarged operations will be able to offer cutting-edge software solutions to the international media and broadcast sector with Annova’s OpenMedia product strongly complementing the dira! product suite of our existing Media and Broadcast division,’ said Mike Love, chairman of Scisys. ‘Both products and solutions target similar broadcast clients providing strong scope for synergies.’
‘Joining forces with Annova adds to our growth aspirations and to our objective of enhanced margins, and is also an excellent cultural fit,’ added Klaus Heidrich, CEO of Scisys. ‘I am glad to welcome the entire team at Annova as new members of the Scisys Group.’
‘Joining forces with Scisys is an exciting step forward for the Annova team, enabling us to take the business to a new level,’ noted Mr Schüller. ‘With Scisys we get a perfect partner, providing us with an opportunity to offer customers a new best-of-breed solution with exciting synergies across our product portfolios. The entire team at Annova is delighted to be joining forces with Scisys on a common path to win new customers and innovative future projects.’
The transaction includes an initial consideration of €11.35m (US$11.99m) in cash and a three-year earn-out of up to €16.48m (US$17.41m) in cash or shares subject to achievement of key commercial targets.