Pleasanton, Calif. — Avanquest Software today announced the acquisition of software publisher Nova Development in a $48 million cash and stock deal.
Christina Seelye, president and CEO of Avanquest USA, said the deal is expected to close within 10 days and the combined company will have 175 consumer titles. She could not say what the sales of the new company would be, but she did report that the Calabasas, Calif.-based Nova generated $32 million in sales last year and it projects an increase to $38 million in 2007.
Nova will continue to operate as an independent company under the Avanquest corporate umbrella out of its current headquarters and Avanquest plans to retain all of Nova’s 70-worker-strong staff, said Seelye.
Nova is the maker of such titles as Scapbook Factory, Photo Explosion and Art Explosion, and despite the large software catalog created by the merger, only four titles overlap between the two firms, Seelye said.
“No titles are planned to be dropped from either company. In fact, we believe the combined strength of the company will allow us to broaden our consumer software line even further,” she said.