ilab graduate Codesion acquired by CollabNet

4 March 2011

Brisbane-based business incubator, ilab’s success continues to grow following the acquisition of its former graduate Codesion Inc (previously CVSDude Pty Ltd) by CollabNet.

The Codesion trade sale to one of the world’s largest best known and most respected names in the software development tools industry, occurred less than three years after the company graduated from ilab and relocated to California.

ilab CEO, Colin Kinner said Codesion was recognised internationally as a pioneer in cloud-based source code management solutions and a leader in the collaborative software development space.

“ilab congratulates Codesion and its founder Mark Bathie on the company’s successful trade sale to CollabNet, it’s a great outcome for the company,” said Mr Kinner.

“As a business incubator, ilab is actively seeking companies like Codesion with emerging technologies that have commercial potential,” he said.

Codesion has attracted more than 70,000 active users and 3400 customers in 90 countries since it was launched by Mr Bathie in 2002. The company grew quickly, serving more than 1000 users in its first 12 months. However, Mr Bathie – a University of Queensland IT graduate - credited much of the company’s early growth to ilab.

“The ilab team helped me to think through all aspects of the business and focus on the non-technical issues such as sales and marketing,” he said.

“They really got me thinking beyond product to creating a sustainable and scalable business. Obviously it’s great having a good product but often as a developer you get focussed only on the product when there are a lot of other areas that are important to growing a competitive business.

“Bringing the experience of ilab on board helped me keep on track. I also found their mentor panel very valuable, and the extensive ilab network was helpful with making initial introductions to potential investors and collaborators.

“ilab was also a major factor in the company winning The University of Queensland Business School’s Enterprize business plan competition in 2007, giving us a cash injection that helped us grow at a critical time. And they were also helpful when I successfully applied for the inaugural 2007 Richard Joel young export entrepreneur of the year award.”

As part of the acquisition, Mr Bathie will continue working with CollabNet from Australia, and will be sharing his experiences with the next crop of young ventures now members of ilab.

For more information contact: Colin Kinner, CEO ilab, Telephone +61-7 3327 9802, mobile 0411 122 976, email ckinner@ilab.com.au

To find out more about Codesion go to www.codesion.com