ICT provider Inabox Group Limited (ASX:IAB)
has successfully completed the acquisition of IT software and services company Anittel.
Inabox paid $500,000 in cash and issued over 6 million in shares to Anittel shareholders in the deal. A further payment of $1.5 million could be due subject to the performance of the Anittel business in the second half of the 2015 financial year.
As part of the transaction, former Anittel chairman and CEO, Peter Kazacos, will consult to Inabox and becomes a significant shareholder with a 10.6 per cent stake in Inabox.
Inabox will now focus on a smooth integration of the two businesses and identifying cross selling and up selling opportunities.
Inabox reported a net profit of $1.07 million for the 2014 financial year.