The New Zealand software industry has demonstrated its ability to make money for investors by raking in almost $2 billion for shareholders in two businesses in a single day. Christchurch software company Seequent, which employed just one person in 2004 and specialises in modelling ground conditions, has been bought for US$1.05 billion (NZ$1.46b). The deal was announced on the same day that another Kiwi software company, Auckland cloud-based point-of-sale company Vend, announced it had been acquired for US$350m (NZ$486m) by Canadian competitor Lightspeed. “A lot of folk will benefit and why shouldn’t they?” Seequent chief executive Shaun Maloney said. Almost all of Seequent’s customers were overseas, Maloney said.

Source: Stuff March 12, 2021 02:03 UTC