Enprise Group has acquired a 10 per cent stake in Melbourne-based cloud software company AccountAbility Access Pty Ltd for A$200,000.
The investment is part of Enprise Group’s strategy to utilise high-growth cloud software and services companies which are complementary to the group’s core operating divisions, says Enprise CEO Mark Loveys.
Last year Enprise invested in the New Zealand-based 2Cloud cloud hosting company.
Loveys says a new business unit will be set up within Enprise to specifically market and support AccountAbility. “It will be able to leverage the resources and depth of accounting and job-costing expertise of the Enprise team across branches in Auckland, Hamilton, Wellington, Sydney, Melbourne and Pretoria.”
AccountAbility was founded by former advertising agency CFO Terry McMillan in 2007 to develop cloud-based costing and accounting software, which is designed for global communications agencies. Its customer list includes agencies across Australia, the United Kingdom, Europe, the United States, the Middle East and Asia.
Loveys says AccountAbility is a superb product with first mover advantage and has huge potential in the global creative, communication and advertising industries.
McMillan says he welcomes the Enprise Group both as a shareholder and distribution partner. “We see New Zealand as a market with immediate opportunities and we believe that the Enprise channel partners in North America will help build our capacity in that key market.”
Enprise Group is listed on the national stock exchange of Australia. It operates through two divisions: Enprise Solutions and Enprise Software.