Software group Iona Technologies has made its biggest acquisition to date, spending $24 million (€25 million) in cash and shares for the US group Genesis Development Corporation. Genesis is a private company which provides enterprise architecture for the design and implementation of Internet portals and online exchanges.

Iona chief executive Mr Barry Morris said: "Genesis thoroughly understands the rapid deployment of scalable and reliable enterprise portals, and their expertise in XML, Java and distributed architecture provides a competitive advantage for B2B customers. "Iona and Genesis are a natural fit and today's announcement is an important step in our business development strategy to enhance our leadership in the integrated enterprise portal market," he said.

Genesis chief executive Mr Jason Matthews is to become Iona's vice-president of worldwide professional services. His company currently employs 40 people with expertise in the insurance and financial services markets. Clients include UBS, UBS Warburg, Enron, Hartford Insurance, Prudential Insurance, Viag Interkom, Infostradfa and Olivetti Telecom.

The addition of Genesis will benefit Iona customers by providing a complete solution for the design, development and deployment of enterprise portals to the insurance and financial industries, said Mr Morris.