Exchequer pops the cork on Munster acquisition

27 Jun 2006

Exchequer Software, an accounting and business software provider based in Dublin, has acquired one of its suppliers in Cork for an undisclosed sum and is in early-stage discussions with a second firm about another potential purchase.

The company announced the strategic acquisition of Reliable Data, which had been a reseller of Exchequer’s software for the past five years. The deal will give Exchequer the Cork firm’s customer base and software development expertise. Some but not all staff will transfer to Exchequer as part of the agreement.

As well as having a substantial number of customer sites running software from Exchequer, Reliable Data had carried out bespoke development for some clients in the Munster area. “We’ve always had development from our Irish offices and this will strengthen what we have,” said Alan Connor, commercial director of Exchequer Software.

Connor added that the future growth of the company would be through a combination of organic growth and acquisitions. “We’re in year five of our existing five-year plan and we’ve eclipsed each of our annual targets successively. We’ve had organic growth of 35-45pc each and every year and this acquisition will make that a given for this year.”

He confirmed that Exchequer is currently in talks about buying a second company. “The indications are that this will be completed by the end of the calendar year,” he said. Connor emphasised that Exchequer would only look to buy companies where there was a close fit with its existing business. “It will only be acquisitions in and around the core Exchequer model; we won’t be getting into other products and services,” he told siliconrepublic.com.

Exchequer, which employs 25 people at its head office in Dublin, is in the process of selecting premises for its Cork offices. The company said a further recruitment process is already under way to support this latest move.

By Gordon Smith