Sydney NSW, Australia and Atlanta GA, USA – Objective Corporation (ASX: OCL) today announced it has signed a definitive agreement to purchase Atlanta based software company, Simflofy. The acquisition is subject to customary closing conditions.
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. A thought-leader in the “federated governance” space, Simflofy offers management of records-in-place, federated search, or e-discovery, across its connected systems.
While Objective has a history of success in providing governance across Microsoft 365 content (Microsoft Office, Microsoft Teams, Microsoft SharePoint and Microsoft Outlook), the addition of Simflofy’s technology will address the strong demand for enterprise class federated governance, extending beyond the Microsoft Office and M365 ecosystem.
Simflofly targets its solutions to all levels of US government, financial services and insurance (FSI) and Fortune 500 corporations, having served over 100 customers since inception. Whilst presenting an expanded geographic market for our broader product suite, Objective’s deep experience in delivering solutions to government and regulated industries, such as financial services, will also result in deeper expertise for Simflofy’s existing customers.
Mark Lugert, CEO Simflofy said: “We are thrilled to be joining Objective. Like Simflofy, Objective’s technology is renowned for scaling to meet the world’s largest content governance challenges. I am extremely confident in the technology synergies our solutions create, and we all look forward to contributing to Objective’s plans and aspirations in North America.”
Tony Walls, CEO Objective Corporation, said: “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.
“We have been planning expansion in North America for some time, looking for the right opportunities; with travel restrictions now lifted, 2022 is an appropriate time for us to commit to expansion in this market.
“In bringing new products to market we always assess the merits of developing ourselves or scanning the market for existing technology. In this case, bringing Simflofy into the Objective family was a logical decision, it greatly minimises our time to market, to immediately address significant demand for federated governance.”
Simflofy’s technology will make a major contribution to Objective 3Sixty, a key new product in Objective’s Content Solutions business line, which will receive accelerated investment as part of our research and development program.
Tony Walls said: “Simflofy will complete the core vision for our new product, Objective 3Sixty, to extend our governance-in-place capability beyond the Microsoft Office suite, with more than 50 connectors to systems such as: document and records management systems, content management systems, line of business solutions, file sharing apps, file stores and more. Built for complex environments with terabytes of data, it provides customers with a 360 degree view of their information with the ability to organise, manage and discover their enterprise information from a single Federated Governance application.
“Objective 3Sixty significantly expands our Content Solutions business line, adding to the suite of recent developments that include Objective Nexus and Objective Integrate that are extending our market offering in this business line and broadening the addressable market.
“We are confident in our ability to apply our M&A playbook to the integration of Simflofy into the Objective family.”
Profitable since its formation in 2012, we expect Simflofy to contribute a minimum of AUD $3 million software revenue in financial year 2023.
The consideration is USD $5.0m, comprised of approximately AUD $4.0 million cash and 185,000 Objective Corporation shares.
There are no earn outs or deferred payments (other than customary escrow amounts). We will be immediately focused on aligned goals.
Objective has the balance sheet, free cashflow generation and management capability to continue to pursue both significant organic R&D, coupled with inorganic growth opportunities.
Simflofy was founded by Content Management, Data, and Integration experts with over 50 years combined experience working with Fortune 100, 500, and Global 5000 organizations.
Simflofy is a different take on Big Data. We are tackling the growing problem of content sprawl. Companies all over the world have important data all over the place, and any big data strategy should take into account where data lives and will continue to live.
About Objective Corporation
We create software to make a difference.
Using Objective software, thousands of public sector organisations are shifting to being completely digital. Where our customers can work from anywhere; with access to information, governance guaranteed, and security assured.
Innovation is our lifeblood. We invest significantly in the ongoing development of our products to deliver outstanding solutions to the public sector and regulated industries.
The result – is stronger national and community outcomes; and accountability that builds trust in government.
Objective 3Sixty: Objective 3Sixty