MH Carnegie buys majority stake in Australia's Assetic
MH Carnegie, an Australian private equity investor, has acquired a 55% stake in Assetic, a Melbourne-based technology firm, for A$10 million ($10.6 billion).
The investment was made through the Carnegie Venture Capital Fund and the Carnegie Private Opportunities Fund.
Assetic is a provider of strategic asset management (SAM) software and consulting services. Its propriety software is used by local governments and the private sector to record, track and predict infrastructure spending.
SAM software is mandated for adoption by local governments in Australia, which face a huge deficit in the funding their ageing infrastructure assets over the next 20 years. According to research by Citigroup, Australia will need to invest A$770 billion on improving its infrastructure by 2018.
"The outstanding growth rates being achieved in the business and its position as the leading supplier of strategic asset management software to local government in Australia were key attractions for investors," said Anthony Lynch, director of M&A Partners, which advised in the deal, in a statement.
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