Anittel to be acquired for up to $10m

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Anittel to be acquired for up to $10m

IT and cloud services provider Anittel is to be acquired by Inabox in a transaction that could potentially be valued at approximately $9.9 million.

The deal would create a company worth approximately $83 million in combined revenues with more than 200 staff, a presence in 14 locations, as well as more than 300 resellers and over 1,000 small business customers.

[Related: The trail of M&A that led to surprise Anittel buyout]

The deal is subject to shareholder approval which will be sought in late December this year. Inabox will pay consideration on completion of $500,000 in cash and 6,153,846 new IAB shares. There might also be a further payment of up to $1.5 million dependant on the performance of Anittel in the second half of FY15.

The move will bring together Inabox’s telco wholesale operation with Anittel’s IT and cloud services business, which is one of the few Cisco partners in Australia to deploy a Hosted Collaboration Solution with over 8,000 endpoints deployed for the Tasmanian Government.

Inabox expects the HCS platform will create opportunities to grow the company’s annuity revenue stream. The company also expects cross-selling and up-selling opportunities between the Inabox and Anittel businesses.

If the acquisition goes ahead, Anittel will stay under the same brand with “substantially” the same management.

Damian Kay, chief executive officer and managing director of Inabox said: “Peter and his team have built a significant business with broad geographic coverage.  Anittel’s customer focus, service execution and technical capability are exceptional and being able to broaden our revenue base into new products, services, customer segments and regions through a trusted advisor delivery model is very attractive.”

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