Managed services provider Brennan IT has completed its $23.3 million acquisition of MOQ Limited, with the latter officially delisting from the Australian Securities Exchange.
On 9 November 2022, MOQ was officially acquired by Brennan, with MOQ shareholders receiving $0.075 for each MOQ ordinary share, with the total amount of the scheme consideration being A$23,274,462.81.
The acquisition also saw changes to MOQ’s board of directors, with David Shein, Peter Ward, Alex White, Karen Bell and Scott McPherson all resigning as directors. Lee Tamplin and Michael Austin have also resigned as MOQ company secretaries.
Brennan IT chief executive David Stevens headlines MOQ's new board, and is joined by Darryl Thompson and Nicholas Sone as of 17 November 2022. Stevens was also appointed as the new company secretary of MOQ.
MOQ is Brennan IT’s third acquisition in the last 12 months, following Forsythes Technology in August 2021 and Clade Solutions in January this year.
As the scheme has been implemented, the annual general meeting scheduled on the ASX on November 30, 2022 has been cancelled.
Brennan beat rival managed services provider Attura in a bidding war for MOQ in August. Attura initially planned to acquire MOQ on 30 June for $15.5 million, aiming to build one of Australia’s largest nationwide IT services businesses. However, Brennan finally offered $23.3 million for the ASX-listed company, outbidding Attura. Brennan aims to bolster its increasing digital transformation capabilities and its existing managed services offerings, with the acquisition of MOQ providing the company with both complementary services and geographic expansion.
MOQ specialises in consulting, integration, managed services and solutions around data, applications and infrastructure. MOQ ended the 2021-22 financial year with $82.3 million revenue and $4.8 million net loss after tax.
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