Atlanta-based software-maker Novient Inc. has been acquired by an Australian conglomerate that also makes specialized business software and provides professional services.
The acquisition by Solution 6 Holdings Ltd. is expected to close in July pending shareholder approval. Terms of the deal were not disclosed.
The combined company will be based in Australia, but some Novient products will still be marketed under the Novient name. Executives have not yet decided whether they will keep the Solution 6 name or switch to Novient, a spokesperson said.
Novient has raised more than $50 million over its lifetime and local investors included Mellon Ventures, Noro-Moseley Partners and Southeastern Technology Fund.
Novient had been running low on cash in recent months, and has made a couple rounds of layoffs during the past year, said a source close to the company. The company had about 100 employees at the start of the year.