Abak will keep its name and staff after the deal is finalized.

Sirius Conseils takes controlling interest in Abak Software

A Montreal firm that specializes in project and IT management has taken control of a software company that makes time and expense management solutions.

Sirius Conseils said Tuesday it now has a majority interest in AbakSoftware of Quebec City, whose applications simplify invoicing and timesheet management for professional service firms in the accounting,engineering and architecture sectors. Both companies target the SMBmarket.

“Buying a majority interest in Abak Software is part of our growthstrategy to expand distribution of our services and products acrossCanada, the United States and Europe by improving our offer withsoftware products that are perfectly aligned with our projectmanagement mandate,” Sirius Conseils president Benoit Godbout said in anews release.

“The Abak solution in itself adds considerable value to our offer andallows us to develop new markets, and will make us more competitive onthe market as well.”

Founded in 1999, Abak has 15 employees and 600 clients comprising25,000 product users, the company said. The staff and its name willremain.

Screenshot from Abak’sWeb site featuring the company’s mascot.

“This transaction is an important stepping stone for Abak, because itgives us access to a high level of expertise in project management andopens up the European market, where Sirius Conseils already has astrong presence,” Abak president and founder Guy Boisvert said in therelease.

Source | Marketwatch

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