A long established Wellington technology firm has been bought by an overseas giant.
Qual IT co-founder Jon McPhee; Planit chief executive Mike Weale, Qual IT co-founder Shane Hewson. Photo: SILVER QUINN PRODUCTIONS
Qual IT and its partner company SEQA, which do quality assurance on IT apps and test cyber security of systems, are to be bought by Australian based Planit, which is part of the Japanese financial services group Nomura.
The firm's founders Shane Hewson and Jon McPhee said the deal would provide the 20-year-old firm with resources for growth.
"It will provide immediate scale, IP (intellectual property), geographical spread, and a significantly bigger balance sheet.
"Joining a global company is a huge and exciting opportunity for our employees and clients, providing access to global expertise, networks, resources, systems, and opportunities," Hewson said.
No price was disclosed but senior managers and the 250 staff in Christchurch, Auckland and Wellington would be retained, as would the current branding.
McPhee said current shareholders of the two firms had decided the deal would boost Qual IT and SEQA growth opportunities to the best advantage of staff and clients.
Hewson said it would build a stronger group with a brighter future, while allowing it to retain its own culture.
The newly merged group would count among the 10 top IT firms in New Zealand.
The acquisition is the latest in a line of deals which have seen New Zealand tech companies snaffled by overseas buyers including Sir Peter Jackson's Weta Digital for $2.3 billion, Christchurch based software developer Seequent being sold to US firm Bentley Systems for about $1.4b and Canadian company Lightspeed purchasing local retail software company Vend for $480 million.