That was the cost of purchasing Microdrainage, which was then bundled under the XP software brand. Prior to that they purchased XP software together with Willing and Partners - the Canberra engineers who developed the SWMM software. That was circa 2001 - not sure what the purchase price was. Sounds like more of a breakeven after inflation, but better than a loss.
I don't think they had any choice with the second capital raising - they had to meet their covenants by the end of June. Doesn't sound like 2017 is going to be that great a year, but at least theit debt is under control.
News: CDD Cardno sells software business XP Solutions for US$49 mln, page-7
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