ASX-listed IT provider Empired has raised a $10.5 million merger-and-acquisitions pot as it chases $90 million in contracts.
The 450-staff company placed 14 million shares at 75c. The cash injection is to be used "to fund future acquisitions", on the back of its $2.2 million buyout of eSavvy in May and $18 million takeover of OBS in last September.
In 2012, Empired acquired Conducive for almost $8 million.
Notably all three targets were Microsoft specialists – Conducive and OBS are both SharePoint houses, while eSavvy is a Dynamics CRM gold partner.
Following the eSavvy purchase, Empired CEO Russell Baskerville claimed his company had become the biggest Dynamics CRM partner in the country, with "40 certified Microsoft CRM consultants".
In its most recent fundraising, Empired tempted investors with the prospect of some major earners on the horizon – it will contest $90 million of contracts over the next 12 months.
The company has picked up some serious accounts in recent times, including a $46 million deal with Main Roads WA and a $50 million "systems transformation with a major ressources company".
In the 2013-14 year, Empired grew revenue to $67 million and improved net profits by 119 percent to $4.3 million.
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