Hansen Technologies has reached an agreement to purchase the Peace International's utility customer information system business from First Data Corporation and plans to extend its development activity in New Zealand.
A statement from Melbourne-based Hansen says Peace is complementary to its existing utility billing business.
The buy will increase Hansen’s revenues by approximately 50% and boost Hansen’s installed utilities customer base in Australia as well as increasing its presence in the US and UK.
Hansen, which is listed on the Australian Securities Exchange, says it plans to offer an "extended product development capability" in New Zealand. No price was disclosed for the transaction.
US e-payment and e-commerce provider First Data bought Peace Software in 2006.
Peace was founded in the 1980s by New Zealander Brian Peace and later shifted its sales operation to the US, while retaining its research and development function in New Zealand.
It won many high-profile customers, including Enron, to its software as overseas markets followed New Zealand in deregulating their utilities sectors.
The combined Hansen/Peace company will boast 350 staff providing solutions to the utility industry.
Andrew Hansen, managing director of Hansen said, “Although we have historically competed in the same utilities billing space, Peace and Hansen have only rarely been in direct competition. For Hansen, this purchase will represent not only a growth in our utility billing business revenues but it will also represent a positive expansion in our product range and areas of geographic influence."
He says the integration of the Peace business into Hansen will not be without its challenges.
"I am excited by the opportunity which the purchase of Peace represents and I am looking forward to working with the Peace management and staff to merge our two organisations into a strong internationally focused business for the benefit of our combined customer base, staff and shareholders.”