Enprise Group has bought into Sydney-based reseller quoting platform iSell, paying A$673,420 for a 14.6 per cent stake.
A cloud-based quoting system used by the IT reseller market in Australia, New Zealand and the United Kingdom, iSell generates customer quotes for over 4.5 million products from more than 2000 vendors.
The move follows Enprise's November investment in cloud-based VOIP phone and virtual PABX provider Vadacom. In that transaction, Enprise paid NZ$223,737 for a 6.49 per cent holding.
Enprise is now invested in five businesses – the wholly owned Enprise Solutions, joint ventures Datagate Innovation and Kilimanjaro Consulting, and holdings in iSell and Vadacom.
Group CEO Elliot Cooper says Enprise is growing its identity as an investment vehicle for high-growth tech companies that complement its own core ERP capability.
“Our strategy for these investments is to unlock mutual synergies to accelerate growth for all,” he says.
In November, Enprise announced a capital raise in the form of a rights issue to repay debt incurred for the acquisition of 47 per cent of Kilimanjaro Consulting and to fund growth.
The 1 for 10 non-renounceable rights issue at $1.39 closed fully subscribed on 30 November with the 852,664 new shares issued raising $1,185,203 in fresh equity. A staff share scheme that closed on 8 December raised $233,133 more.
“Vadacom and Enprise Solutions share a significant number of customers and have a similar target market," Cooper says.
"Datagate and iSell both target the same managed service provider (MSP) market and can link their sales and marketing functions to give each other sales introductions.
"Our Kilimanjaro acquisition better utilises the cloud skills and infrastructure resources already deployed by Enprise. These interlocking characteristics are a hallmark of Enprise Group’s wider growth strategy.”
Enprise Solutions is a trans-Tasman provider of the MYOB EXO and MYOB Advanced cloud software platforms. It supports around 750 MYOB EXO and MYOB Advanced customers across Australia and New Zealand.