Castleton expands with Kypera acquisition

1st Feb 2016 16:21

(ShareCast News) - Castleton Technology expanded its software offering, and its international reach on Monday, revealing the acquisition of Kypera Holdings.The AIM-traded software and managed services provider said the deal was wortth a net cash consideration of £3.5m, and was completed on 29 January.In a statement, Castleton's board said Kypera provided fully integrated housing management and finance software to more than 140 countries, with offices in the UK and Australia as well as a presence in New Zealand and South Africa.It had sales of £2.4m, 55% of which were recurring, and EBITDA of £0.4m in the year to 31 October 2015.Castleton said it was a strategic acquisition, which enabled it to offer an integrated single Enterprise Resource Planning platform to the social housing sector - which the boar claimed was the only one of its type.Ian Smith, chief executive of Castleton, described it as a "critical acquisition"."Kypera adds a whole new level to Castleton's offer. We are now the only truly integrated, single platform solution able to meet every aspect of our customer's needs", he said."It also increases our international reach - something we are planning to build on in the future."