Cirrus Networks Holdings Limited (“Cirrus” or the “Company”) (ASX: CNW) is pleased to announce that it has agreed to acquire 100% of the share capital of NGage Technology Group Pty Ltd (“NGage”).
Melbourne-based IT solutions provider NGage delivers tailored hardware, software and managed service solutions, generating revenue of $27.5M in FY16. The company was founded in 2011, and has experienced significant year on year growth, leading to a top 10 CRN Fast50 ranking four years in a row.
Speaking on the acquisition Cirrus Managing Director, Matt Sullivan commented:
“This is a key acquisition for Cirrus addressing a number of our strategic focus areas of targeted geographical expansion, market share growth and annuity growth. NGage has a brand, culture and blue chip client base complementary to our own and we are excited at the opportunities this presents for clients, staff and shareholders. We are delighted to welcome Jarrod and the high quality NGage staff to the Cirrus Group.”
NGage Co-founder Jarrod Bloomfield will join the executive team of the expanded Cirrus Group and continue to lead and grow the Melbourne business.
Commenting on the acquisition, NGage Co-founder Jarrod Bloomfield said:
“This is an exciting development in the short successful history of NGage. Being part of the Cirrus Group will accelerate our growth to the IT solutions and managed service sector, where we are a provider of choice in the market through innovation, customer focus and technical excellence.”
This is the second strategic acquisition since former CEO and founder Frank Richmond moved into the Executive Director role to focus on acquisitions and growth opportunities across Australia. Speaking on the transaction Frank Richmond stated:
“The Ngage acquisition is an excellent strategic fit for Cirrus Networks as we look to accelerate our growth nationally.”
For further comment and information
Mr Matt Sullivan Mr Matt Green
Managing Director Chief Financial Officer
Cirrus Networks Holdings Limited (ASX: CNW) is an IT solutions provider that helps businesses understand their technology needs to implement solutions that are world leading, best of breed, cost effective and efficient for long term operational gain. Cirrus’ innovative approach has resulted in the swift establishment of a blue-chip customer base and its success was recently recognised at the Deloitte Australia’s Technology Fast 50 Awards, where it was named in second place for 2015. This followed the second placing received in the fastest growing “Rising Star” technology company category in Australia in 2014.
NGage Technology Group is a leading IT services provider in Victoria, working with disruptive technologies to create successful outcomes for their clients. NGage has won numerous awards within the IT sector including winning the CRN Fast 50 and 5th place in the BRW Fast 100. NGage focus on creating significant positive business outcomes for clients with the introduction of new technologies enabling differentiation in the market and creating a platform for growth through market leadership.