Data#3 will spend up to $12 million to acquire its consulting partner Business Aspect Group, the Brisbane IT giant revealed this week.
The deal includes a $6 million cash payment, as well as up to a further $3 million in cash and $3 million in shares, subject to the performance of Business Aspect Group over two years.
Business Aspect Group has 70 staff and offices in Melbourne, Canberra, Sydney and Brisbane. The company recorded almost $14 million in revenue and $1.3 million in earnings before tax, depreciation and amortisation in the 2014 financial year.
The move will bolster Data#3's services capability. Managing director John Grant said: "Two years ago we saw our customers needing help planning and managing their transition to a Hybrid IT and ‘apps’ centric environment and we set our sights on building our own consulting business to do so."
"We expect opportunities to emerge across both businesses very quickly,” he said.
Business Aspect Group was founded in 2005 and its head office is in Brisbane. It provides consulting in strategy, risk and continuity, architecture and planning and execution to various sectors including banking, education, mining, government, retail, health, IT and construction.
The company will operate as an autonomous business within Data#3, but the Queensland operation will move into Data#3s head office while workers in other states will relocate to Data3#s interstate offices.
Managing partner Dave Lennon said: “Since formation in 2005 we have made significant headway in developing our business but we saw the next stage of growth best facilitated by leveraging the market position and influence of a bigger organisation."
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