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Technology / AI and automation

ANACOMP SNAPS UP CAMBRIDGE TECHNOLOGY

Australian information delivery systems and services company Anacomp Inc has put its hand in its pocket and acquired the assets and business of accounting software house Cambridge Technology Group Inc, for an undisclosed sum. Established in 1991 to develop personal computer-based replacement for proprietary mainframe-based accounting systems, Anacomp says the purchase aids its move into the vertical application arena. The purchase sees Anacomp now having access to Cambridges flagship product the SPAR Securities Processing, Accounting and Reporting online, integrated, real-time, multicurrency trust and custody accounting system. The companies think the deal will benefit both parties as each company’s product will be enhanced with the other firms software. Although the terms of the deal have not been disclosed, it is understood that annual revenues generated as a result of the sale of SPAR amount to some $2m.

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CBR Staff Writer

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