SOCO buys Canberra consultancy AxSym Technology

CRN Fast50 company SOCO said it has bought Canberra IT consultancy AxSym, which counts several federal government agencies as clients.

SOCO said the purchase price includes $4.3 million in cash, along with $3.2 million in company shares and a potential $3.4 million earn-out payment over a two-year period of protit targets are reached.

AxSym counts the departments of Foreign Affairs and Trade and Defence, the Australian Criminal Intelligence Commission and New South Wales Rural Fire Service as clients and had un-audited revenue for its 2023 financial year of $8.9 million.

The Canberra consultancy also brings with it a pool of Microsoft specialists, and a growing ServiceNow practice, SOCO said.

Brisbane headquartered SOCO said the two consultancies have a federal government client base that doesn't overlap, making the acquisition highly complementary.

“SOCO and AxSym coming together strengthens our position in Canberra, dramatically increases our local footprint and opens additional opportunities to service our growing book
of Federal Government clients," chief executive Simon Forth said.

"Furthermore, AxSym’s success with the NSW Government will serve as an accelerator to SOCO’s existing expansion into the southern states," he added.

AxSym will rebrand to SOCO, with its entire team joining the acquirer.