Sobha acquires IPR of Aussie IT firm

Sobha Renaissance has acquired 100 per cent of IPRs of the Australia-based Ortex Global Solutions for an undisclosed sum. The deal also includes taking over about 1,000 installed bases of its software products.

Ortex Global is a 50 plus team company specialising in electronic document management. A statement from Sobha says that the agreement has taken effect from December 10, 2005, and the consideration payable by Sobha is based on a formula agreed upon with Ortex.

"The actual cost of the acquisition will be announced in February by which time Sobha expects the IPR transfers and knowledge transfers to be completed," the statement added.

Commenting on the deal, Madhu Nambiar, CEO, Sobha Renaissance said, "The transaction provides not only a strategic addition to our basket of IPRs across various verticals but also an important foothold in one of the key software markets in the world."

Ortex has a number of installations in Australian government organisations such as the audit office, criminology, electoral office, department of transport and the insurance office.