- Continued investment in the Federal market
- Accelerates strategic objectives
- Highlights the value of dedicated focus on strategic-growth and acquisition
Cirrus Networks Holdings Limited (“Cirrus” or the “Company”) (ASX: CNW) is pleased to announce the acquisition of VTS Canberra Pty Ltd, a subsidiary company of the VTS IT group. VTS Canberra currently holds panel status for several governing bodies.
Newly appointed Chief Executive Officer Matt Sullivan commented, “This acquisition highlights the value of having our new management structure in place with a dedicated executive focus on growth and acquisition. We are excited at the growth opportunity this acquisition presents, with access to significant government panels not previously available to us.”
This is the first strategic acquisition since former CEO and Founder Frank Richmond moved into the Executive Director role to focus on acquisition and growth opportunities across Australia.
Speaking on the transaction Frank Richmond stated, “We are delighted to have completed this acquisition which provides a pathway to accelerate the strategic business objectives for our new Canberra business, facilitating access to the $6.0bn* Government spend on ICT this year and growing to $6.2bn in 2018, representing 8.5% of the total Australian ICT marketplace. Government agencies continue to focus on consolidation and cost savings whilst delivering service improvements and operational efficiencies, which aligns to the Cirrus business model and our strategic direction for customers. Using our panel status we can now offer our comprehensive cost effective IT solutions to this new market and show-case our scalable and flexible managed and cloud service products.”
Cirrus has acquired 100% of the share of capital of VTS Canberra Pty Ltd for $95,000. The cash outlay will be financed from existing working capital.
For further comment and information:
Mr Matt Sullivan
Chief Executive Officer
Tel: (08) 6180 4222
Mr Matt Green
Chief Financial Officer
Tel: (08) 6180 4222