Another acquisition is resulting in a new information technology (IT) company moving to San Antonio. San Antonio-based Dura Software announced Friday its acquisition of the Denmark-based Nordic IT, Inc.
The company provides email software for enterprise-size teams and is considered the industry leader for the maritime shipping industry which relies upon reliable email. Hundreds of shipping companies globally use Nordic’s software for communications, a Dura Software company release stated.
The company was founded in 2001 and has 50 employees, according to LinkedIn. While the Nordic offices in Copenhagen, Denmark and Singapore will remain active, the headquarters of the company has moved to San Antonio and will hire staff locally in the coming months.
Former Rackspace vice president Justin Brady has joined Dura as the new CEO of Nordic IT. Dura Software acquired the IT company for an undisclosed amount.
Dura Software launched as Dura Holdings, Inc. in November 2017. The holding company acquires business-to-business (B2B) software-as-a-service (SaaS) companies with recurring revenue. Dura helps the companies in its portfolio improve operational efficiencies and grow their business base, but with one crucial difference.
This new type of holding company is focused on buying B2B software companies with annual revenue of $1.5 million to $5 million with the intent to operate them for the long term, said Dura CEO Paul Salisbury.
“Another key aspect of our model is that we’re looking for companies where the founders and investors are looking to move on and do something else,” Salisbury told Startups San Antonio. “We want be in control, implement our playbook, and operate the company profitably for the long term.”
Dura has raised $1.3 million in debt and equity from seven investors according to U.S. Securities and Exchange Commission records from February. Nordic IT joins one other company in Dura’s holding company, Moki. That startup developed a software platform for managing single-purpose mobile devices used in multiple industries.
Serial entrepreneur and investor Michael Girdley is chair of Dura’s board. Salisbury and Girdley co-founded the holding company in November 2017 after being introduced to each other by Graham Weston.
Salisbury thought Nordic IT was an excellent fit for Dura Software.
“We are looking to acquire companies that have a great product that customers can’t do without in niche markets that we can grow profitably for the long term,” Salisbury said. “Their product is a mission-critical messaging and collaboration solution that operations teams in the maritime industry use constantly to quickly and securely transact business in real time.”
Dura Software will work with the company to seize upon the “significant opportunity for expansion into U.S. maritime markets,” Salisbury said. Nordic IT recently announced upgrades to their flagship product, ReMark , an email management platform that could be useful for other industry verticals.
“Nordic IT has a team of highly capable technologists and operators that are strongly bought into our mission and are eager to change and improve,” Salisbury said.
Featured image is a screenshot of Nordic IT’s website home page. Dura Software acquired Denmark-based Nordic IT, Inc.