Outsourcer Civica has acquired housing software specialist Keystone Asset Management Solutions.
Keystone, based in Colchester, provides application software and related services predominantly for the UK social housing sector. Keystone's integrated product suite is used by customers to support the effective administration of housing stock, including management, planned maintenance, inspections and component accounting.
Civica does not currently offer any similar asset management software. Civica said the acquisition will strengthen "its ability to help organisations reduce cost and risk and enhance tenant services", in particular through better management of existing and future expenditure.
The companies have already worked together through contracts at customers including St Leger Homes and Thames Valley Housing.
Simon Downing, chief executive of Civica, said, “Keystone's complementary skills and product set add an important capability in keeping with our clear vision and successful strategy to help customers do more, do better and spend less.”
The value of the Keystone acquisition has not been disclosed. Earlier this year, Civica acquired health care industry software provider Coldharbour Systems, to help expand its expansion in the healthcare sector.
According to TechMarketView director, Tola Sargeant, the acquisition is likely to prove a good fit for Civica as it continues to diversify its business.
"[It is] another sensible bolt-on purchase from Civica as it looks to broaden its horizons by moving further into markets that are adjacent to its local government heartland, such as social housing, health and care. Expect more of the same in the months to come."