2300 GMT - Software supplier Technology One has significant firepower for M&A, and Barrenjoey thinks the U.K. is a top target. Analyst Josh Kannourakis reckons Technology One will have some A$300 million of cash at the end of FY 2025. "We believe Property and Rating (known as Revenue and Benefits in the U.K.) will be a key focus for M&A given the market is shared between three main players (NEC, Civica and CapitaOne)," Barrenjoey says. It notes CapitaOne, which includes a Revenue and Benefits product among other housing-related software, was recently sold to MRI Software Systems for 200 million British pounds, representing a multiple of 10x Ebitda. Barrenjoey upgrades Technology One to "neutral," from "underweight," following its 1H result. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
May 20, 2025 19:00 ET (23:00 GMT)
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