Cloud infrastructure provider 5G Networks Ltd.
(5GN) has acquired cloud services providers Anittel and Hostworks. 5GN, which has headquarters in Melbourne, Victoria, Australia, was established in 2016. The company is listed on the Australian Stock Exchange and is a licensed telecommunications carrier. It caters to businesses offering a high-speed network and cloud infrastructure services alongside VOIP, high fidelity broadband and managed services. 5GN acquired Anittel and Hostworks (both with headquarters in New South Wales, Australia) from technology platforms and solutions provider Inabox Group Limited (Inabox). The cost of the deal was reportedly AU$5.7 million and paid in cash.
5GN’s acquisition is intended to expedite the growth of its network in Australia and adds the resources of one of Australia's largest cloud providers to its capabilities. It also significantly extends the company’s presence across Australia, giving it offices in key Australian locations. The acquisition also increases the number of customers 5GN has on its books, including some of the top 100 companies listed on the Australian Stock Exchange. The additional staff brought into the company will bring its workforce up to 200 personnel and combined revenue will be in excess of AU$55 million ($40.60 million).
“We pursued this acquisition because it was exactly what we needed to rapidly expand our core business streams and represents great synergy with our existing business,” explained Joe Demase, 5G Networks Managing Director on the company’s website. “We have expanded our geographic coverage in our key competencies – Cloud, Data and Managed Services”. The acquisition of IAB's direct business is accurately aligned with our acquisition strategy and 5GN is extremely excited by the positive future that lies ahead".Do you know of any other companies involved in acquisitions? Let us know the details. Add your comments below.