Microsoft partner MOQdigital has told investors it will use its recent acquisition of Brisbane-based Wardy IT Solutions to expand into more verticals, and will look to more acquisitions moving forward.
MOQ acquired Wardy IT in September 2019 for $7.5 million, adding its four offices in Brisbane, Canberra, Melbourne and Sydney to its geographical footprint, as well as its 60 staff and 300 customers.
At its recent annual general meeting, chairman David Shein told shareholders (pdf) the acquisition of Wardy IT will “continue to be a masterstroke” for MOQ and has positioned the company to further growth organically or through more acquisitions.
“The Wardy IT team is aligned to both our business values and strategy. We can deliver more value to our customers and we are now finally on our way to building a long term, sustainable, market leading, business,” Shein said.
“We will be evaluating other verticals where we can leverage our expertise and our Microsoft partnership to develop additional markets to penetrate.”
Shein added that MOQ has an opportunity to expand its market presence as cloud adoption and solutions like SaaS mature and become more mainstream.
“We continue to look at focused acquisitions that will enhance our market offerings and presence,” Shein added.
“As always, the priority for any acquisition will be a strong cultural fit and an earnings
accretive result. We would love to find a few more Wardy ITs.”
Chief executive Joe D’Addio doubled down on the sentiment, calling the deal MOQ’s “most significant” M&A activity that the company completed since listing on the ASX in 2015.
“This is a true inflexion (sic) point for MOQ and boosts our specialist expertise and market presence to allow us to address the Digital Transformation opportunity,” D’Addio said.