ASX-listed Hostech has completed its acquisition of national IT&T services company Anittel, the company announced today.
In a statement to the ASX, Hostech said the total consideration of $2.4 million via the issue of 87,500,000 Hostech shares at 2 cents per share and $728,873 in cash.
Private equity firm Flaxton Hunter contributed to the transaction with the transfer of 50,000,000 Hostech options and 100,000,000 Hostech shares to the vendors Anittel.
In February, Hostech entered into an agreement to buy four IT and telecommunications integrators, Anittel Limited; WA IT solutions provider, Accord Technologies; NSW regional IT provider, AXXIS and NSW and Melbourne networking integrator Aspirence.
The deal was estimated to add to more than $60 million to the integrator's annual revenue.
Ealier this month, Hostech said the acquisitions will be completed by the end of April.
But, Peter Kazacos, chairman of Hostech told CRN that the companies are already "cross selling" some services.
He also said he's working on the company's branding and appointing senior executives.
"There's a lot of senior positions we haven't announced yet because we're still finalising some of those. We've got a lot of talent across the whole group," he said. "You can't have five of something," he said.
Kazacos had previously sold his computing empire, Kaz Computer Services to Australia's largest telco, Telstra, before it was in turn sold to Fujitsu Australia.