Canadian turnaround specialist, Geac Computer Corp Ltd, has announced the acquisition of yet another under performing, niche software outfit ripe for a makeover. Geac has paid an undisclosed fee to acquire Interealty Corp, based in Vienna, Virginia, which describes itself as a provider of information solutions to the real estate industry. The deal is consistent with Geac’s past acquisition strategies, said Stephen Sadler, Geac’s long time acquisition mastermind, implying that Interealty is a financial under performer with a substantial and valuable customer base. The deal is also consistent with Geac’s seemingly perennial ability to buy into, and succeed in, obscure vertical markets. Vienna, with disclosed revenues of approximately $65m, operates solely within the North American real estate industry, supplying specialist software and services to residential real estate firms of all sizes. The company also has a foothold in the nascent market for web-based real estate brokerage, building web sites for the big brokerage firms. Interealty was formerly owned by a four-way consortium comprising different media companies, including Knight Ridder. The deal was made public late on Tuesday and no-one from either company was available for direct comment on the deal.
