Cloud and mobile solutions provider Melbourne IT Limited
(ASX:MLB) has secured a majority shareholding in Outware Systems Pty Ltd.
Melbourne IT last week inked a deal to buy 50.2 per cent of the shares in privately owned Outware for $21.7 million.
The agreement also has put and call options in place to buy up to 100 per cent of the company over the next two years.
CEO Martin Mercer says the acquisition is a strong strategic fit, firmly in line with Melbourne IT’s growth strategy and materially earnings accretive.
Melbourne IT reported a net profit of $648,000 over the full 2014 financial year.
