The acquisition is subject to regulatory approval.
Richard Christou, Fujitsu's corporate first senior vice president and president of global business, claimed this acquisition will make Fujitsu one of the third largest IT companies, by revenue.
It will also give the vendor a team of nearly 5,000 staff across the country.
The strength of KAZ's existing business and the synergies it brings to Fujitsu will deliver new and exciting commercial opportunities, said Christou.
Fujitsu's expanded customer base and enhanced end-to-end capabilities also bring a new level of competition to the Australian market creating better value for existing and future customers.
"The acquisition is in line with Fujitsu's long-term objectives to grow its Australian business," said Christou.
"The deal brings together two strong businesses and creates an IT services and technology leader that will deliver a broader range of consulting, application and infrastructure services to our Australian customers, as well as the local subsidiaries of our global clients."
Rod Vawdrey, CEO at Fujitsu A/NZ said the deal will ensure the retention of local expertise.
Telstra will continue to deliver centralised network services to customers through Network Enterprise Services business.