Cirrus Networks Holdings Limited (“Cirrus” or the “Company”) (ASX: CNW) is pleased to announce that it has reached agreement to acquire 100% of the share capital of Correct Communications Pty Ltd (“Correct Comms”).
Canberra Based IT Solutions provider Correct Communications provides innovative, efficient system solutions to Government and large enterprises addressing modern concerns around adaptive security, application availability and data storage. The company specialises in Networking Storage, Security and Unified Communications Infrastructure.
Founded in 2010, Correct Comms is recognised in the local market for its technical excellence and innovative solutions. Correct Comms had a normalised FY17 EBIT of $676,000 on total unaudited revenue of $11.5 million including a doubling of its services revenue each year for the last 2 years. This growth saw it rank in the top 5 CRN Fast50 companies in 2016 despite not having Government Panel status, a key benefit of the combination of the Cirrus and Correct Comms Canberra businesses.
Cirrus Managing Director, Matt Sullivan, commented:
“This is a key acquisition for Cirrus addressing a number of our strategic focus areas while accelerating our greenfields Canberra operation. The excellent standing of Correct Comms as a leading service provider will complement our panel status as well as our Cisco Gold and Managed Services offering. We are excited at the opportunities this presents for clients, staff and shareholders and are delighted to welcome Andrew and the high quality Correct Comms staff to the Cirrus Group.”
“After the very successful purchase of NGage in Melbourne we are very excited to have the capability and passion of Andrew and his team join us. We are very confident of becoming a nationally recognised market leader in enterprise based product, services and managed services within Government and large enterprise.”
As a result of the acquisition, the current Canberra business of Cirrus will be integrated with Correct Comms to form a new larger services and managed services focused Cirrus Canberra. Correct Comms founder, Andrew Weir, will join the executive team of the expanded Cirrus Group and continue to lead and grow the Canberra business. Under his guidance Cirrus will aim to quickly establish itself as the market leader in Canberra for innovative solutions and technical excellence.
Commenting on the acquisition, Correct Comms-founder Andrew Weir said:
“This is an exciting phase in the short successful history of Correct Comms. Being part of the Cirrus Group will significantly increase our addressable market with Government panel access and Cisco Gold Accreditation while providing a platform for new and innovative solutions across the services and managed services markets. Being recognised for our customer focus and technical excellence, this provides further opportunity for our high quality staff and loyal clients.”