Australasian software distribution company Intercad Pty Ltd has been purchased in a management buyout following a decision by ANZ Bank to divest itself of its private equity holdings.
The company, which specialises in selling and supporting the SolidWorks 3D mechanical CAD platform, was sold by its founders in 2006 to holding company Central Innovations Pty Ltd, in a deal backed by the bank.
Max Piper, Intercad CEO, says the management team knew for some time that ANZ planned to divest, and when the opportunity arose to assume ownership, they seized it.
"When you have confidence in something, you want to be a part of it,” Piper says.
The company is now planning to roll out new services in 2012 in response to changing customer requirements.