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Infomedia Sells Business Systems Division

By November 27, 2006December 9th, 2016Archive, ASX Announcements

Monday, 27 November 2006 – Sydney – Global automotive industry IT developer, Infomedia, today announced that the Company has entered into an agreement with Reynolds & Reynolds Pty Ltd for the sale of its Business Systems Division for gross proceeds of AUD$1.5M.

The Business Systems Division of Infomedia creates specialised dealer management systems for the automotive industry and has as its flagship products AutoLedgers® and NOVA™. AutoLedgers is designed to meet the needs of large multi-franchise dealers, while NOVA is a system suitable for small to medium sized dealers. Both these products were the amalgamation of previous acquisitions of dealer management systems completed by the Company over the past few years.

In making the announcement Infomedia CEO, Gary Martin, said: “Automotive dealer management systems are complex products incorporating business, accounting and government requirements. Reynolds & Reynolds are a recognised provider in this particular market space, and I’m confident that they are well positioned to service the ongoing needs of our customers. Infomedia is looking forward to the new working relationship with Reynolds & Reynolds in delivering technology integration benefits between Infomedia’s suite of aftersales productivity solutions and Reynolds and Reynolds systems.”

Steve Kloss, CEO of Reynolds & Reynolds expressed his excitement about the acquisition and enthusiasm for what customers can look forward to by saying: “Infomedia is a highly regarded company within the automotive industry that has developed and delivered quality products over many years. We look forward to continuing the footprint that Infomedia have developed with AutoLedgers and NOVA, and ensuring that customers continue to receive products which assist them to manage and grow their businesses.”

The sale of Infomedia’s Business Systems Division is expected to be completed by 1 December 2006.