Japanese consultancy NRI buys software testing firm Planit
Australian software testing company Planit Testing has been picked up by Japanese consultancy Nomura Research Institute in a deal reported to be worth $300 million.
The Australian arm of Japanese management consultancy and IT provider Nomura Research Institute (NRI) has purchased local software quality assurance and testing firm Planit Testing for an undisclosed sum. While only publicly announced this week, reports from March suggest a $300 million price-tag, with private equity firm The Growth Fund having been preparing Planit for sale since the middle of last year.
Established in Sydney through a management buy-out in 1997 – with The Growth Fund becoming a substantial shareholder in 2015 – Planit has since grown to a team of 1,500 consultants spread across 12 offices in Australia, New Zealand, the UK and India. According to a press release, Planit will continue to operate under its own brand led by current managing director Mike Weale, who has been with the firm since 2004.
“We are excited to have the support of a large global business that is NRI behind us,” Weale said. “Planit has developed substantially since its inception, growing from one office to an industry leader with a significant presence across the globe. We continue to see strong demand and growth for our services and with NRI’s global footprint, this further strengthens our capability to continue to deliver our quality customer solutions.”
As for NRI’s footprint, the Japanese headquartered consultancy has a global headcount in excess of 13,000 (including an estimated 2,000 employees in Australia), with a presence in Europe and the US and across the Asia Pacific. On the firm’s 50th anniversary in 2015, NRI laid out its Vision2022 long-term management strategy for sustained growth, which includes bolstering its international presence and expanding into other client sectors.
“We are excited to continue to meet milestones that support NRI’s Vision2022 through the acquisition of Planit,” said NRI Australia president Hiroyuki Kawanami. “This is particularly important as the efficiency of application testing and automation is a crucial step in digital transformation initiatives in order to meet demand for faster, more user friendly, secure and accurate system development.”
According to NRI figures, Planit had achieved consolidated sales of ~$150 million as of June last year, generated across numerous public and private sector clients across a variety of industries. The firm now joins a number of other local NRI subsidiaries, including as of last month Commonwealth Bank subsidiary Australian Investment Exchange for $85 million.
“We are pleased that Planit and its highly experienced and well-respected team, will be joining our group,” said NRI CEO Shingo Konomoto. “We have great ambitions to grow the business and are focused on empowering employees and delivering long-term value for institutional and advised clients. We look forward to working closely with the team.”
