NetSuite partner JCurve Solutions (ASX:JCS) has announced the acquisition of the business and assets of Sydney-based Riyo Business for $600,000.
Riyo Business’ software, Riyo, is a platform to provide on-demand or scheduled booking, dispatch and payment (BDP) services to businesses.
JCurve told shareholders on 14 May that the Riyo platform has been successfully piloted with two enterprise customers in Australia.
“The acquisition of the Riyo software platform adds to our growing suite of solutions,” JCurve Solutions CEO Stephen Canning said.
“We are purchasing a robust, scalable, industry standard technical architecture which has been successfully tested through product trials. The software platform could be rolled out in its current state or may be developed into other verticals and integrated into our ERP offerings,” Canning added.
Canning also told shareholders that JCurve expects the acquisition to be Earnings Per Share “EPS” accretive in the short term, to deliver long term shareholder value. He also said that the acquisition is in line with JCurve’s diversification strategy.
“The Riyo software platform is a disruptive technology which has multiple potential commercial applications,” Riyo Founder and CTO Adam Kundrat explained.
“Customers demand convenience, transparency and engagement in a single, mobile experience. The Riyo software platform leverages advanced technology to deliver this experience.”
JCurve posted a net profit before tax loss of $161,864 for the six months ending 31 December 2017. Overall, the Sydney-based cloud technology company closed the half year with net profit after tax (NPAT) of $393,427.
The revenue for the period increased by 11 per cent, to $5 million, as a result of organic growth, the company told shareholders on 21 February.
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