In a rare example of a UK firm buying out a US rival, British start-up SkyDox has acquired document collaboration software maker Workshare for an undisclosed sum.
However, under the deal SkyDox will take on the Workshare name as it is more widely known in corporate IT circles.
The value of the deal was not disclosed but comes after SkyDox received a £20m investment from Scottish Equity Partners (SEP) and includes Business Growth Fund (BGF) to help boost its growth.
The two firms will now develop cloud-based products to enable firms to collaborate on important documents, securely and featuring file-sharing and synchronization capabilities.
The chief executive of SkyDox, Anthony Foy, who will now assume responsibility for the newly formed Workshare brand, told V3 that the deal for Workshare was a complementary fit between the two firm's offerings.
"With Workshare, you have a customer with a well-established customer base in the area of document comparison and policy management but it hadn't really caught up with the innovations around the cloud and software as a service," he said.
"With SkyDoxs, we can bring these capabilities and expertise and offer a rich collaboration of the two."
Foy added that the firm would now focus on pushing the technology into the mobile space with applications for iOS, Android and BlackBerry to be released in the future, although there are no plans for Windows Phone as yet.
"One of the key things the technology we have acquired offers is to show changes made on documents. And if you are on a mobile device you have a smaller screen size to see these changes so it's important to flag these things up," he said.
The firm is based on Fashion Street in the east end of London and the integration of Workshare and SkyDox operations is expected to be completed during the second half of 2012.
The newly formed firm will take on rivals such as enterprise collaboration firm Box, as well as consumer-orientated offerings including Google Drive and SkyDrive from Microsoft.
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