Brio Technology, a software company catering to executives with limited computer experience, is set to acquire Sqribe Technologies for around $311 million. The deal is set to help Brio add payroll software to its product line. Sqribe shareholders will own 45% of the combined company, with Brio issuing approximately 13.1 million shares. Brio’s shares rose by $3 to $23.75 at the news.
The History of Brio Technology
Brio Technology has been developing software since 1990, beginning with Data Prism, a database query and analysis tool. Following this, Brio launched DataPivot, one of the earliest OLAP software applications. Later, the DataPivot code was sold to Borland and was integrated into Quattro Pro. In the same vein, the basic idea of DataPivot, pivot tables, was adopted in Microsoft Excel. Lotus Improv was also based on a similar idea, though developed independently. In 1993, Brio introduced Data Edit, which enabled more direct manipulation of data in databases such as DB2, Oracle, and Sybase.
Brio is based in Palo Alto, California, and went public on May 5, 1998, with its shares traded on Nasdaq.
Frequently Asked Questions
What does Brio Technology do?
Brio Technology is a software company catering to executives with limited computer experience.
What is Sqribe Technologies?
Sqribe Technologies is a company that provides payroll software solutions.
What will Brio Technology acquire Sqribe Technologies for?
Brio Technology will acquire Sqribe Technologies for around $311 million in stock to add payroll software to its product line.
Summary
Brio Technology will acquire Sqribe Technologies for around $311 million in stock to add payroll software to its product line. Sqribe shareholders will own 45% of the combined company, with Brio issuing about 13.1 million shares. Brio Technology has been developing software since 1990, beginning with Data Prism, a database query and analysis tool. Brio is based in Palo Alto, California and went public on May 5, 1998, with its shares traded on Nasdaq.
Final Thoughts
Brio Technology’s acquisition of Sqribe Technologies showcases the former’s continued evolution as a software company. By acquiring a company known for its payroll software, Brio will be able to provide additional solutions to its clients. As a company that caters to executives with limited computer experience, Brio’s expansion into payroll software signifies that the company is expanding its offerings to a wider audience and is well-positioned for future growth.
