12 Mar 2021

Local technology companies sold in big international deals

5:26 pm on 12 March 2021

Two well established local technology companies have been sold to overseas buyers in big money deals.

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Photo: 123rf.com

Christchurch based software developer Seequent is being sold to American company Bentley Systems for about $1.4 billion.

Seequent has developed software used to analyse beneath-ground conditions for building infrastructure projects such as tunnels.

The company has more than 400 staff around the world, and earns only a small portion of its more than $100m revenue a year domestically.

"This is exciting news for Seequent and clearly shows huge confidence in the company's future direction and success. Bentley Systems is fully supportive of Seequent's strategy and direction and has stressed its determination to leave Seequent intact as a company to allow it to continue on its current growth path," the company said in a statement.

Bentley Systems, is an infrastructure engineering software company with 4,000 staff in 172 countries, and generates $800m in revenues each year. It is listed on the technology heavy Nasdaq exchange.

Meanwhile, local retail software company Vend is being sold to a Canadian company Lightspeed for about $480m.

The company, which is owned by private investors and venture capital company Movac, developed software allowing retailers to replace cash registers with tablets.

It has been regarded as one of the top performing New Zealand tech companies in recent years.

"As a New Zealand-based company, we're proud to be globally recognized for the product and company we have built and are excited about this next step in our journey," Vend's chief executive Ana Wright said.

The deal will give Lightspeed new markets and clients in the region.