TECH DEALS

Austin's Magnitude Software scoops up another company

Deal is part of Magnitude's plan to grow by acquiring smaller players.

Posted August 17th, 2016

Continuing its strategy of buying smaller companies, Austin-based Magnitude Software has acquired  Simba Technologies of Vancouver.

Financial terms of the deal were not disclosed.

Magnitude was founded in 2014 through the merger of two software firms, Noetix Corp., based in Redmond, Wash., and Kalido, based in Burlington, Mass.

Before the merger, Noetix was owned by Austin-based Silverback Enterprise Group.

Magnitude, which is headquartered in the Frost Bank building in downtown Austin, develops business intelligence, data warehousing and other business software. The company has more than 600 customers with more than 200,000 users in 100 countries.

Two years ago, Magnitude raised $100 million to buy software companies that have standout products but are struggling to compete with larger companies.

Simba Technologies, founded in 1991, provides access between front-end applications and back-end data sources. Its customers include Microsoft Corp.

Magnitude said Simba expands its corporate performance management, data management and data connectivity capabilities.

"This acquisition furthers our strategic vision to enable enterprise-wide visibility and insights for corporate performance management,” Chris Ney, CEO of Magnitude, said in a news release.

In May, Magnitude acquired Datalytics Technologies, a developer of data warehouse software based in Cheshire, Conn. Terms of the deal were not disclosed.

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