UberGlobal
The most recent M&A in Fast50 land took place just two months ago when Michael McGoogan sold UberGlobal to Melbourne IT for $15.5 million. The hosting provider was No.14 on the 2011 CRN Fast50 and No.21 in 2012.
“It was the right time for us to turn over the existing share register. There was lots of consolidation in the market. We had multiple acquirers wanting to buy the business,” McGoogan told CRN.
McGoogan began a formal process through a corporate adviser, who fleshed out three offers and provided advice. The adviser negotiated with the buyers to improve the terms, and then entered exclusivity with the best offer and most likely to complete.
The whole process took two years, with the main transaction completed on the 30 April. Uber is in its earn-out period, which will net another $8 million – 50 percent of the sale price again – if all goes to plan.
Melbourne IT picked up key accounts such as the Australian Army, the Royal Australian Airforce and the G20 Summit. UberGlobal CEO Denis Jorgensen took a redundancy while CTO Dwayne Varey will take a role at Melbourne IT.
Accord Technologies
The first CRN Fast50 company to be sold was Accord Technologies back in 2010. The reseller, which placed No.13 in the 2009 CRN Fast50, was picked up by Hostech as part of a five-company roll-up that became Peter Kazacos’ national provider, Anittel.
Accord was doing nicely at the time, generating $2 million in profit from a $12 million turnover.
Accord sold for $6.5 million and took across major accounts such as the West Australian, Chevron Australia and Woodside.
-1.jpg&w=100&c=1&s=0)
.png&w=100&c=1&s=0)
