PSC Insurance Group has purchased Perth-based Ultimate Safety Solutions Australia (USSA) and the majority of shares in Eden Software, which owns USSA’s SafeX technology, for an upfront payment of $700,000.
Established in 2007, USSA is a health, safety, environment and quality consultancy business.
As part of the acquisition, PSC Insurance will own 70 per cent of the consultancy business, to be renamed PSC SafeX, whilst a key staff member (not disclosed) will hold the balance of its shares.
PSC Insurance will also own 75 per cent shares in Eden Software, with the balance to be held by the developer of the SafeX application.
PSC said the purchase would be funded by its existing cash resources.
It said $61,000 of the initial purchase payment was subject to the performance of the new PSC SafeX business within the first 12 months.
PSC said it expected to generate profit from the new business during this time.
“The acquisition is considered highly complementary to PSC Workers Compensation business and will enhance our capability in this area,” the company said.
“The increased capability will give PSC a unique offering within the industry and we believe our growing client base will benefit from the enhanced service offering provided.”
Shares in the company continue to trade at $3.20 per share.
PSC Group owns Perth firms PSC Insurance Brokers Perth and PSC McKenna Hampton Insurance Brokers.
