Canada’s Vela Software Group has acquired GreatSoft, a South African provider of practice management solutions to accountancy firms, for an undisclosed amount.
Vela is owned by Constellation Software, a Canadian diversified software company. With six operating units, it is listed on the Toronto Stock Exchange.
The deal comes after Volaris, another Constellation Software firm, acquired 63.87% of Adapt IT, a South African software services firm.
Pursuant to the implementation of the deal, Adapt IT delisted from the Johannesburg Stock Exchange with effect from 4 January 2022.
In a statement, Vela says GreatSoft practice management software for accountants is designed to help businesses manage their staff, clients and work-in-progress.
It explains that the single, centralised database can be integrated with tax, secretarial, payroll, or document management solutions, providing a single view of a company’s practice.
It adds that GreatSoft has interfaces that allow organisations to streamline manual processes, create business intelligence dashboards, and transform the way the business communicates and collaborates with clients.
“We welcome GreatSoft’s customers and team to Vela Software Group and look forward to supporting long-term growth of the business through access to capital, international networks and sharing of best practices,” says Dylan Webb, portfolio manager of Vela Software Group.
Bruce Morgan, CEO of GreatSoft, comments: “This major investment by Vela Software Group will allow GreatSoft to accelerate our investment in R&D, to allow us to build more of the profit improvement products demanded from our clients.
“In addition to this, we now have the resources to grow GreatSoft further into Africa and other global markets.”
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