Austin-based Magnitude Software is closing out the year with another acquisition.
Magnitude said it is purchasing Innowera, an Irving-based business software startup. 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.
The company sells business intelligence, corporate performance management and other business software.
In 2014, Magnitude raised $100 million to buy software companies in the business information management sector. The lead investor in the deal was Audax, a private equity firm based in Boston.
Since then, Magnitude has made six acquisitions. In October, it purchased Agility Multichannel, which is based in the United Kingdom sells product information management software. Terms were not disclosed.
Magnitude CEO Chris Ney said Innowera expands Magnitude’s presence in the SAP market by adding new tools that let users more easily find and analyze critical information. SAP is one of the most widely used business software systems by corporate customers.
“What we’re trying to do is maximize the productivity of the C-Suite,” Ney said. “We help collect the data and analyze the data, no matter where that data might reside.”
Ney said Magnitude’s acquisition strategy targets software companies with annual revenue ranging from $10 million to $50 million.
“We’re very maniacal about finding the right fit for our strategy,” he said. “We’re laser focused on the functionality and integration of the technology for solving problems.”
Innowera has 80 workers, bringing Magnitude to 420 employees, including about 70 in Austin.
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