Noble Iron sells Texada Software

Noble Iron Inc is to sell its Texada Software subsidiary to Canadian private equity firm BP Canada for US$37.2 million. BP Canada is part of the US-based private equity fund Banneker Partners.

The deal includes the sale of Texada’s Australian division to a BP affiliate in Australia for $1 million. Noble Iron will also invest $4.2 million in BP.

As part of the agreement, Noble’s subsidiary, Rent OnTheDot Inc, has agreed not to compete in the rental software business in North America, Australia or New Zealand for five years.

Texada Software’s FleetLogic asset tracking and data management tool.

Noble Iron offers software applications and services to construction, industrial and other equipment rental companies to manage their business and assets’ life cycle.

Its business includes RentOnTheDot Inc, which offers real time online rental reservation technology to equipment rental businesses.