ASX-listed data services provider ConnXion Ventures has acquired Sonnet Corporation Limited (Sonnet) from its UK owner, Sonnet Corporation PLC.
The acquisition would help ConneXion build out its operating platform, industry solutions and scale, the company said in a statement to the ASX.
Sonnet specialises in integrated Software as a Service (SaaS) delivery platforms and business process outsourcing. Its top five clients include Jetstar, IBM, People Telecom and BNP Paribas.
David McCann, managing director of ConnXion Ventures, said the deal would see Connxion Data and Sonnet cross-sell products and services to a broader range of clients.
McCann said ConnXion Ventures has hired Nick Debenham, (former CEO of QM Technologies Limited) to assist the group in building a professional sales team, while Baden Wright, managing director at Sonnet, has accepted the role of managing director for Connxion Data.
The data service provider's purchase price of Sonnet will be paid in the form of CXN's (ConneXion's parenting company) ordinary shares - to be issued at 4.1 cents per share.
Based on the estimated EBITDA at 30 June 2009, the company will issue approximately 68.25 million new shares in payment of the purchase price.
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