ASX-listed services provider PS&C has forked out $4.5 million to buy digital asset monetisation platform Respring.
PS&C describes Respring as a digital company that “invests in and advises other digital companies in growing markets that are struggling to reach their full potential.”
As part of the acquisition, PS&C is dipping its toes into property by acquiring 100 percent of regional real-estate portal farmbuy.com, one of the companies in which Respring has invested.
PS&C reiterated in an ASX statement that the Respring acquisition formed part of its strategy to pursue acquisitions that better utilise its delivery capabilities that also diversify its revenue base. The company also has a broader strategy of adding tangible IP-based products to its balance sheet.
The acquisition is still subject to shareholder approval.
PS&C spent much of 2018 and 2019 buying and selling parts of its business. In November 2018, the company offloaded Allcom Networks, its networking arm, to Crosspoint Technology for $3.2 million. In 2019, PS&C bought Salesforce partner Artisan Consulting, and sold chunks of its security business to Tesserent.