SYDNEY: United Networks Limited (UNL) CEO Victor Tsaccounis announced the acquisition of the business assets of C3 Innovations, the fourth transaction over the last 12 months in line with UNL’s strategy of building recurring revenue by acquiring complementary businesses.
Details of acquisition include: –
- UNL has purchased the assets and database of C3 Innovations.
- C3 Innovations is a specialised service provider of unified communications, and hosted and managed data solutions to companies.
- Forecast Annualised recurring revenue for FY21 of $0.7M, with a forecast EBIT contribution of $0.25M.
- The acquisition consideration payable by UNL for the business assets of C3 Innovations consists of a $0.25M cash payment, issue of 3,750,000 shares in UNL and a 12-month EBIT performance bonus payment of $0.025M if the forecast is achieved.
- The cash consideration will be funded from UNL’s cash on hand.
- Low double-digit EPS accretion is forecasted in FY21.
Victor Tsaccounis the CEO of UNL said “We expect to build on our acquisition momentum and make further positive announcements over the next two quarters. C3 Innovations aligns strongly with our focus on increasing the recurring revenue of the business through both strategic acquisitions and organic growth. The business allows us to leverage our systems know how and scale to generate further earnings to the bottom line.”