BRISBANE, AUSTRALIA: COSOL Limited has executed a Share Purchase Agreement (SPA) to acquire Clarita Solutions Pty Ltd.

Upfront consideration for the acquisition consists of $7 million in cash and 7.95 million COSOL shares, with up to a further $3.75 million payable in either cash or an issue of shares by way of earn-out consideration based on increases in Clarita’s audited EBIT for FY22 and FY23 above an agreed FY21 baseline.

Headquartered in Brisbane, Clarita is a dynamic, digital solutions company with specialist skills in IBM’s Maximo (a leader in the Gartner Magic Quadrant for EAM software platforms) committed to transforming Enterprise Asset Management (EAM) operations.

The complementary nature of the combined portfolio further positions COSOL as a global leader in the digital transformation market, and accelerates expansion and growth to create further value for shareholders.

In line with COSOL’s strategic growth map, the acquisition of Clarita expands COSOL’s EAM and digital solutions portfolio to now include Geographic Information System (GIS) data management services and an “EAM as a Service” (EAMaaS) proprietary digital SaaS solution powered by IBM Maximo.

The EAMaaS solution is the only single ‘as a service’ solution that combines asset management, engineering document management and workforce mobility with Geographic Information System (GIS).

The combination of COSOL and Clarita provides expanded opportunities for COSOL’s EDAM (Enterprise Data Asset Management) services and proprietary digital solutions, including solutioning COSOL’s RPConnect®, to the broader Maximo client base to accelerate our clients’ digital transformation journey, unlocking the business potential of their assets.

CEO of COSOL, Scott McGowan said: “The acquisition of Clarita delivers a natural extension to COSOL’s digital and data solutions, enhancing and extending our capabilities across a broader range of enterprise systems. We already have significant solution portfolios for Hitachi Ellipse and SAP and we now welcome IBM Maximo to that portfolio.

COSOL and Clarita share a common goal to drive efficiencies and deliver quantifiable business improvements for asset-intensive organisations, for whom return on invested capital and maximising the operation and exploitation of their current investments is of paramount importance.

The acquisition of Clarita, combined with the successful integration of AddOns Inc based in Denver, USA (now known as COSOL North America), extends our platform capability and geographical reach. The complementary nature of the organisations’ portfolios further strengthens our position as a leading international provider of proprietary digital and data solutions.”

Clarita Solutions’ CEO, Annette Henry, said: “I’m delighted Clarita has the opportunity to become part of the COSOL Group. Joining forces will deliver substantial benefits for our clients, as we create and deliver seamless enterprise solutions to unlock new and exciting opportunities across the asset information ecosystem. Together our organisations provide a compelling offering to support mission critical business decision-making and improved operations for asset intensive organisations.

COSOL and Clarita have a common heritage and at our very core we are both highly focused on delivering business improvements to our clients. Importantly, our shared recognition that success is driven by exceptional people and a commitment to add value to our business partnerships demonstrates the strong alignment in our values and our organisational culture.”

COSCOL Limited is a global provider of proprietary digital solutions to asset intensive industries.

Clarita builds and optimises asset information ecosystems to drive asset performance improvement. We build maturity in systems and processes by enriching asset information with location context, integrating data across systems, and enabling mobile workers with field force automation.