RM plc acquire SoNET Systems Pty Ltd
RM plc, a leading supplier of IT software and services to the UK and international education markets, has acquired SoNET Systems Pty Ltd (“SoNET”) for a consideration of £7.3 million.
Headquartered in Melbourne, Australia, SoNET provides Software as a Service platforms principally to the education and government sectors.
SoNET’s e-testing software augments RM’s existing e-marking capability. This will enable RM Results to offer full end-to-end digital assessment services in the online testing and marking of exams to both existing and new customers.
This acquisition will open new market opportunities and accelerate the growth of the RM Results division. SoNET delivered revenues of £3m in the year to 30 April 2019 and brings several new customers to the Group in Asia Pacific and Europe.
Commenting on the acquisition, David Brooks, Chief Executive of RM, said:
“SoNET is a business that RM knows well and has previously worked with successfully. This acquisition demonstrates RM’s ambition to invest in new technology and will help accelerate international growth. Digital assessment is a growing segment within the education market and RM Results has established itself as a market leader. The addition of SoNET’s expertise will further strengthen our ability to capitalise on this growth opportunity. We look forward to welcoming the SoNET team and being able to offer our customers a full end-to-end digital assessment service.”