Velrada integrated into NRI

Perth-based IT company Velrada has been integrated into Nomura Research Institute (NRI) Australia & New Zealand, with its co-founders to exit at the end of July.

NRI acquired Velrada in March 2022 in an $80 million-plus deal as part of the Tokyo-based technology giant’s expansion into Australia.

Velrada co-founders Robert Evans and Jennifer Evans are set to step away from the business on July 31, while executive employees and former shareholders Dominic Nolan and Saul Sabath will remain.

Velrada chief operating officer Tom Fuller has been appointed to the role of executive general manager and will continue to oversee business operations.

Mr Fuller said the team was proud of what it had built and looked forward to continue to serve its clients as a subsidiary of NRI ANZ.

“Velrada has seen significant growth across North America and Europe with more than 12 deployments in the last year of our Power Worker suite of products across large multinational organisations,” Mr Fuller said.

“Velrada is a Microsoft Gold Partner and the outlook for its Microsoft opportunities remains strong.

“Microsoft Copilot and ChatGPT have also generated a lot of market interest in AI and Velrada is seeing increased interest in its AI-compatible products.”

NRI first entered the Australian market in December 2016 through its acquisition of ASG Group before expanding further in 2021 with its acquisition of Sydney-based Planit Test Management Solutions.

In February this year, ASG Group was rebranded as NRI with ASG Group chief executive Dean Langenbach stepping into the role of NRI Australia & New Zealand chief executive.

Mr Langenbach said Velrada will retain its brand identity and its integration into NRI ANZ would accelerate its global expansion.

“Velrada is a home grown success story that has now gone global, and we look forward to its continued expansion into markets like the UK and the US,” Mr Langenbach said.

“[Velrada’s] integration now signifies the end of the earn out period and finding synergies with NRI ANZ…we are delighted to welcome it as a fully-fledged member of the NRI family.”

Mr Langenbach said Velrada has had an impressive year since it was acquired by NRI ANZ in 2022.

“Since acquiring Velrada, its revenue figures have grown by 26 per cent, while its staff numbers have increased by 35 per cent,” Mr Langenbach said.

Prior to Velrada’s acquisition, Mr Evans and Ms Evans had a 72 per cent shareholding of the company and the remaining equity was held by Mr Nolan and Mr Sabath.

The IT company became wholly owned by NRI ANZ through last year’s acquisition.

Velrada clients include Macquarie Bank, Greystar, Santos, Downer, Sodexo, BHP and Rio Tinto.

NRI is a Japanese technology consultancy with an annual revenue of more than $US4.9 billion and more than 13,000 employees around the world, including 2,500 in its Australia and New Zealand division.