Carnegie Takes Control of Software Provider Assetic – The Wall Street Journal
Tuesday, 15th January 2013
By Caroline Henshaw
Australian private equity firm M.H. Carnegie & Co. sees opportunities building in infrastructure, prompting it to acquire a majority stake in software provider Assetic Pty Ltd.
Carnegie paid 10 million Australian dollars (US$10.6 million) for a 55% stake in the Melbourne-based technology business, whose software is used by local governments to track and predict how billions of dollars should be spent on Australia���s infrastructure such as roads, housing and sewers in the coming years.
Australian infrastructure is one of the hottest sectors for investors right now, as the appeal of industries like coal mining wanes due to weak commodity prices, and other areas of the economy rein in their spending��Citigroup��C��-0.28%estimates Australia will need to invest A$770 billion on improving its infrastructure in the decade through 2018.
Assetic���s ���outstanding growth rates��� and ���position as the leading supplier of strategic asset management software to local government in Australia were key attractions for investors,��� said Antony Lynch, director of M&A Partners, which advised Assetic���s owners on the equity selldown.
The investment was made through Carnegie Venture Capital Fund and the Carnegie Private Opportunities Fund, M&A Partners and Assetic said in a statement.