Intrapower heads into managed services with Wavenet acquisition

Greg Kennish, IntraPower Group CEO and managing director told CRN the purchase price of Wavenet was $892,000. $714,000 cash plus approximately 178,500 in shares.

“IntraPower plans to buyout the company over the next three years. We have also projected an increase in IntraPower’s annual revenue of $2.5 million, with the Wavenet acquisition,” he said.

“This fits in with our specialist Internet protocol service and solution. It also sells to the same businesses with 50-500 employees – same market size as IntraPower. We have cross sold a lot of our products into the same market,” said Kennish.

Michael Amira, founder and managing director of Wavenet, will remain at the helm of the new business.

“We will keep all 10 Wavenet employees and add more staff later on,” said Kennish.

IntraPower’s acquisition of Wavenet follows its recent buyout of another Australian, IPsX.

Kennish said over the next 12 – 18 months the company will be looking at more companies to help broaden its coverage into Perth and the Gold Coast.

“We are in all the major cities, once we’ve established ourselves in Perth and the Gold Coast we will be looking at getting into New Zealand,” he said.