SYDNEY, AUSTRALIA:  Telstra intends to acquire technology consultancy Versent for $267.5 million to help scale its Telstra Purple tech services business, drive NAS growth and support the digitisation of businesses and Australian industry, a statement noted.

Versent reported $130m net revenue in FY23, representing a strong 17 per cent CAGR between FY20-23. Its team of more than 500 experts work with over 40 per cent of the ASX 100 to transform their businesses through cloud technology, offering both professional and managed services, and key partnerships with AWS, Microsoft and leading security and data vendors.

Versent is currently owned by a mix of its founders, investors and employees.

The acquisition also includes Stax, a subsidiary of Versent that provides a self-serve cloud management platform for enterprise and mid-market customers which enables them to design, build and run their own cloud.

David Burns, Group Executive, Telstra Enterprise, said the acquisition of Versent supports Telstra’s T25 growth strategy, and commitment to support the digital ambitions of Australia’s biggest industries.

“Since launching our Telstra Purple technology services business four years ago, we’ve seen growing demand for technology solutions – particularly in cyber security and cloud-led transformation – as enterprises, governments and whole industries continue to digitise their operations”.

This latest acquisition builds on previous acquisitions, most recently of Alliance Automation and Aqura Technologies, which are bolstering Telstra Purple’s capabilities to support the end-to-end needs of industry verticals and accelerate NAS growth.

Completion is expected to occur within the next six weeks and is subject to various conditions being met, including certain securityholder processes.