Hostech to acquire AXXIS
Feb 12, 2010 (Datamonitor Financial Deals Tracker via COMTEX) --
Hostech Limited (formerly Mobi Limited), an internet protocol business telephony company and business phone installer, has entered into an agreement to acquire AXXIS Pty., Ltd., an IT services provider. Both the companies are based in Australia.
In addition, Hostech has also agreed to acquire Anittel Limited, Accord Technologies Pty., Ltd. and Aspirence Pty., Ltd.
As part of the consideration, Hostech will pay for the four companies a total of AUD6.9 million ($6 million) in cash, issue 304.92 million shares for AUD6.75 million ($5.87 million), and take AUD3.4 million ($2.95 million) in debt through a convertible note.
Deal Type Acquisition
Sub-Category Majority Acquisition
Deal Status Announced: 2010-02-10
Target (Company) AXXIS Technology P/L (formerly M.A.D. Industries P/L)
Acquirer (Company) Hostech Limited (formerly Mobi Limited)
The acquisitions represent a major strategic milestone in the transformation of Hostech into an IT and telecommunications service provider to small and medium businesses around Australia. The acquisitions complement the existing Hostech business and add scale to its existing portfolio of assets servicing small to medium businesses.
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