IntraPower buys IPsX for $2.3M

By on
IntraPower buys IPsX for $2.3M

Australian Internet protocol communications products and services provider IntraPower has acquired, IPsX (IP Services Xchange), for the sum of $2.3 million, being $1.725 million cash plus approximately 575,000 shares.

IPsX is a Melbourne-based virtual network operator providing managed private networks to medium sized enterprises. It has 65 customers and annual revenue of $2.5 million, 87 percent of which is recurring.

IPsX independently facilitates WAN solutions for businesses throughout Australia and the broader Asia Pacific region.

Greg Kennish, IntraPower group CEO and managing director said IntraPower estimates an EPS accretion in the first year of $0.01 cent per share.

“We estimate an increase of annual revenue from the deal of $2.5 million,” he said.

According to Kennish national expansion is a strategic priority for IntraPower and the Victorian market was important part of that growth.

“This acquisition enables us to expand our operations in Melbourne and other parts of the state. It also allows us to expand our reach into South
Australia, Tasmania and Western Australia in the near future,” he said.
Kennish claims this acquisition will increase significantly IntraPower's presence in this important region. The executive management team of IPsX will join the IntraPower team and assume leadership roles for IntraPower in Victoria.

Edwin Allen, managing director of IPsX, comes to IntraPower with a
wealth of industry experience.

He has worked in the IT and T industry for over 13 years and joined IPsX as one of the co-founders.

Prior to IPsX, Allen held the role of National Sales Director with Connect Internet Solutions, the Australian Internet arm of Telecom New Zealand and AAPT, managing a 100 person, nationwide sales team.


Tags:

Most Read Articles

Log In

Username:
Password:
|  Forgot your password?