MOQ Limited has announced it has successfully acquired Wardy IT Solutions.
The deal’s gone down quickly: MOQ announced its intention to buy Wardy on 12 August 2019 and today told (pdf) the Australian Securities Exchange that the transaction was settled on 1 September after $2.0m of cash and $4.4m worth of shares changed hands.
CRN readers have long memories, so some of you will note that $6.4m is rather less than the $7.5m sale price our August story mentioned.
The discrepancy can be accounted for by an adjustment for net debt and working capital of $1.1m.
Wardy’s owners have emerged with 9.1 percent of MOQ and the chance to earn another $6m if the company hits certain unspecified targets.
The deal significantly extends MOQ’s reach and capabilities. The company’s lead services brand – MOQdigital – has a presence in Sydney, Brisbane and Sri Lanka. Wardy operates from the same Australian locations, plus Adelaide, Canberra and Melbourne, and also has a presence in Auckland and Wellington.
Wardy also brings expertise in databases and analytics that MOQdigital can’t currently match.
Together the two companies will therefore have an all-but-national footprint, plus combined expertise across digital and hard-core IT. That combination is rare: CRN will keep watching to see how it fares.