Founded in November 2017, Dura Software is a holding company for software firms. Earlier this year the company registered a $1.9 million debt and equity offering with the U.S. Securities Exchange Commission, in an aim to bolster its roster of software-as-a-service companies.
Dura CEO Paul Salisbury said Nordic fit what the holding company looks for as it had both a great product and one that is vital to the customers it serves. Nordic’s enterprise email software serves companies in the maritime shipping industry.
“It really checked all the boxes in terms of what’s interesting and aligns closely with our strategy,” Salisbury said.
Dura has named Justin Brady, a former Rackspace vice president, as Nordic’s new CEO. Nordic will keep its offices in Copenhagen and Singapore while its headquarters will be based at Dura’s downtown offices at 425 Soledad St. The company is in the process of hiring a San Antonio-based sales leader and will likely hire as many as five more team members as it continues its growth.
Nordic has about 300 unique customers in the maritime shipping industry, including BBC Chartering and Nordic Tankers. With higher penetration among European shippers, Dura will look to grow Nordic’s domestic clients, Salisbury said.
“Their base of customers they serve today are incredibly loyal,” Salisbury said. “They’ve got a who’s who of customers in the shipping industry, but there’s definitely lots of room for growth. They’re still very underpenetrated in the U.S., so we see that as an opportunity to gain more of a presence and develop those relationships here.”
Shipping operators often share email mailboxes and communications as they accept contracts to move cargo, he said, so they need accurate and timely access to that correspondence to facilitate incoming jobs.
Dura acquired its first company in June 2018, scooping up Moki Mobility, which develops mobile administrative software for businesses. Dura is slated to acquire anywhere from four to five companies a year for the next several years, Salisbury said. He said the company is currently evaluating firms for a third acquisition.
“We’re making really good progress toward acquisition No. 3,” he said.