Broadband and enterprise systems provider BigAir Group Limited (ASX:BGL) will acquire Oriel Technologies in a bid to expand its technology solutions offering.
The company says the acquisition price will be capped at $15 million and will comprise an upfront payment of $4.21 million.
Two incremental payments will then be due based on incremental earnings generated. Payments will be half cash and half BigAir shares.
CEO Jason Ashton says he anticipates a significant boost in cloud and managed services business which has been identified as a key growth sector.
BigAir reported a net profit of $5.3 million in the 2014 financial year.
