Objective hungry for takeovers

Objective has signalled it is on the lookout for more acquisitions to expand its footprint in the content, collaboration and process management marketplace, after digesting the UK's Limehouse Software in 2009.

Tony Walls, CEO, Objective Corporation said: “We are actively pursuing acquisition opportunities that will expand our existing capabilities and deliver value to all stakeholders."

A focus on the public sector is delivering results for Objective, which has reported revenue of $A21.1 million for the the six months to 31 December 2009, a 25% jump on the corresponding period in 2008.

The Limehouse purchase saw European revenue grow 69 per cent to $6.2 million, while Asia Pacific revenue was up 14 per cent over the previous corresponding period. There is $8 million in the bank.

“The successful acquisition of Limehouse Software last year expanded our public sector market share and capabilities in line with our long-term growth strategy," said Walls.

“With the business integration plan for Limehouse Software now reaching conclusion, we are leveraging our deep domain expertise in collaborative content creation, publishing and stakeholder consultation. As we continue the successful rollout of these solutions in the United Kingdom (UK) and United States, we are also launching these community and collaboration solutions in the Asia Pacific market,” he said.

New contracts in 2009 included New Zealand Department of Building and Housing and Origin Energy, while Objective reports a $900k profit turnaround in its European ECM business.

Operations in the United States continue to be profitable with a number of customer contracts signed for Objective’s Limehouse solution including the Town of Cary in North Carolina and Sequoia National Forest, as part of the USDA Forest Service.

“The outlook for the 2010 financial year and beyond remains positive. We expect a solid overall performance,” said Mr Walls.

“We have a strong understanding of our customers’ needs and deliver solutions with significant financial, social and political return on investment at a time when all government departments are striving to meet the challenge of reducing costs, while maintaining the quality of their wide range of community and business services."