Geospatial software provider IQGeo will acquire fibre optic network automated planning and design software company Comsof for €13 million (£11 million).
IQGeo is based in Cambridge and focuses on telecom and utility operators. The acquisition will be funded through a mix of cash and shares. Part of this cost will be offset by a £3.5 million fundraising with existing and new investors.
Founded in 1998 with roots in the Intec information technology department of Ghent University, Comsof has offices in Belgium and Canada.
Comsof was established in 1998 and its software is deployed in more than 50 countries with 100+ customers to automate network planning and design for FTTx networks. The Belgian firm also offers software for heating and smart metering networks.
Richard Petti, CEO at IQGeo, explains: “Comsof has a well-established customer base and IQGeo will use the Ghent office to create a European operations hub focused on increasing our market share across the region.”
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Comsof has over 50 staff and Raf Meersman, the current CEO of Comsof, will remain with the business and join the IQGeo Executive Management Team. IQGeo says “all the existing Comsof employees” will join its company.
IQGeo will also invest an undisclosed sum in Comsof’s European sales and marketing capabilities.
The two firms have had a long-standing business relationship as they previously worked together to deliver integrated network management solutions with joint customers. The Comsof Fiber and IQGeo Network Management software are “complementary, supporting different areas of the telecom network lifecycle”.
Comsof software will continue to be offered as an independent, standalone solution to customers and partners that do not use IQGeo products.
The Comsof product brands will remain in place for the immediate future, and the Comsof website will also continue to operate independently. As IQGeo has done with other acquisitions in the past, it says it will work to more closely integrate the Comsof brand and products with the IQGeo portfolio, which may involve branding and website changes in the future.
IQGeo was founded in 2018 and its clients include TEPCO, TELUS, NW Natural, Central Hudson, Gigaclear and Peninsula Light. The tech firm also has offices in Canada, the US, Germany and Japan.