Internet and ecommerce company destra Corporation has acquired business internet service provider GPM Internet.
Domenic Carosa, CEO at destra, said the acquisition was in line with the company's growth strategy.
He said it also complemented the destra Business division, which focused on end-to-end managed data and hosting services for SMEs and corporates.
“This is an EPS positive acquisition and we expect a return on our cash investment to be less than 12 months,” said Carosa.
According to a statement from destra, GPM Internet had revenues of $1.7 million for the 2004/2005 financial year. "The purchase consideration is up to $600,000 and includes payment of up to $360,000 cash and $240,000 destra shares," the company stated.
There would be operational cost savings with the two offices merged, integration of some back office functions and shared bandwidth costs, it stated.