FreeBalance snaps up financial planning rival
- By Brad Grimes
- Oct 04, 2004
FreeBalance Inc., a developer of enterprise software for automating the business and financial functions of government, has acquired Influatec Systems Inc. of Ottawa.
Terms of the deal were not disclosed.
With the acquisition, FreeBalance, also of Ottawa, with offices in Rosslyn, Va., has more than 100 government customers worldwide.
"We share considerable corporate, product and customer synergies and a focus on the needs of government," said Bruce Lazenby, president and chief executive officer of FreeBalance. "Governments are looking for well-integrated, standards-based solutions that are easy to implement to address their increasing needs for accountability and transparency."
The FreeBalance Accountability Suite will expand to include Influatec's Salary Management and Human Resources/Payroll Systems, company officials said. It will also include iBudget, Influatec's Web-based budget preparation system.
Philippe Simard, Influatec's founder and chief executive officer, will join FreeBalance as vice president of business development.