Melbourne IT Limited
(ASX:MLB) has announced a majority shareholding in Outware Systems with an option to buy the company outright within the next two years.
Melbourne IT will pay $21.7 million for 50.2 per cent of the privately owned app developer. There are call options in place for the remaining 49.8 per cent.
The transaction will allow Melbourne IT, a leading cloud software provider to deliver a complete and comprehensive enterprise solution for business and positions the company as a leader in a fast-growing segment of the technology industry.
Outware Mobile boasts impressive revenue growth of around 70 per cent recently and is expected to add up to 25 per cent to EPS by the end of the 2016 calendar year.
Melbourne IT reported net profit of $648,000 for the first half of the 2015 financial year.
