SoftwareOne Holding AG, which provides software and cloud services, said it has acquired Beniva Consulting Group to expand into ServiceNow implementations. SoftwareOne's cloud and software services have revolved around Microsoft and SAP Cloud deployments.
With the purchase, SoftwareOne enters the services market for ServiceNow Configuration Management Database (CMDB), IT and operations management (ITOM), cloud advisory and application services. SoftwareOne already provides IT asset management services (ITAM).
ServiceNow, which is holding its Knowledge 2023 conference this week, has been expanding its total addressable market via a platform that accelerates value from ERP systems. Beniva, founded in 2016 and based in Calgary, has been riding that workflow and automation wave as a ServiceNow partner.
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According to SoftwareOne, Beniva will bring 75 cloud technology experts and directors to the company's software and cloud services practice. The Beniva purchase will also expand SoftwareOne's portfolio of services, increase its ITAM addressable market from $2 billion to $7 billion and be accretive to margins. Terms of the deal weren't disclosed.
Beniva derives 60% of its revenue from ServiceNow deployments and has practices in process automation with RPA (robotics process automation) with UIPath, Microsoft's Power Automate and ServiceNow RPA.
SoftwareOne also reported its first quarter results. The company said first quarter revenue was CHF 239.4 million ($266.45 million), up 4.5% from a year ago, with adjusted EBITDA of CHF 39.6 million ($44.1 million). The company also said it was implementing a program to deliver CHF 50 million in annual savings as well as a CHF 70 million share buyback program. SoftwareOne added that up to 50% of cost savings a year will be re-invested in strategic growth areas.
Brian Duffy, CEO of SoftwareOne, joined the company in early May and said he will be spending the next few weeks meeting the global team. Duffy was most recently President of Cloud for SAP and responsible for scaling "RISE with SAP" to move customers to the cloud.
Duffy said SoftwareOne has a big opportunity in cloud and will focus on customer success and enhancing partner relationships.
SoftwareOne reiterated its 2023 outlook, which calls for double-digit revenue growth and adjusted EBITDA margin of 24% to 25% of revenue.
