- Telecommunications innovator Vonex (VN8) plans to purchase Voiteck, a provider of voice and internet services to small medium enterprises in SA
- The purchase price is $2.75 million and includes $2.2 million cash and over 4.9 million shares at 11 cents each
- The purchase will expand Vonex’s presence in South Australia and brings a significant revenue boost
- Vonex is expecting the purchase to be completed in January 2022
- Vonex was trading at 11 cents per share at the end of the trading day
Vonex (VN8) has expanded into South Australia as it plans to purchase Voiteck, a provider of voice and internet services to small-medium enterprises in SA.
The purchase price is $2.75 million and includes $2.2 million cash and over 4.9 million shares at 11 cents each.
Voiteck has more than 10,000 end users through around 1000 customers spanning a range of industries, including LJ Hooker, Ray White Harris and Rugby Union SA.
The purchase brings Vonex a significant recurring revenue boost, with a group annualised recurring revenue post-acquisition is around $34.5 million.
The agreement is subject to a number of conditions such as change of control consents from key suppliers, completion of Voiteck’s FY21 tax return and key employees of Voiteck continuing their employment.
Vonex is expecting the purchase to be completed in January 2022.
Vonex’s Managing Director, Matt Fahey, is pleased to welcome Voiteck to the Vonex group.
“Acquiring Voiteck represents an ideal fit within our established M&A strategy, through which we focus on geographic expansion, product enhancements and/or new customer growth through the acquisition of complementary and profitable telecommunications businesses at valuations that are EBITDA and EPS accretive to Vonex shareholders,” he said,
“Across several transactions, Vonex has successfully demonstrated its ability to integrate targets of this type in a way that adds value to shareholders and customers. We look forward to welcoming Declan and his team to the Vonex group as we integrate Voiteck’s operations into Vonex’s fast-growing businesses.”
Voiteck’s founder and Managing Director, Declan O’Callaghan, is a qualified electrical engineer with over twenty years in the telco and IT industry and previously the Head of Vodafone Australia’s small business channel.
Mr O’Callaghan will be joining the Vortex team on the completion of the acquisition.
“I am delighted to bring Voiteck into the Vonex group. Vonex is an exciting and rapidly-emerging listed telecommunications group which provides Voiteck with a strong platform for growth,” he said.
“At Voiteck, our purpose is to keep businesses connected with amazing telecommunications solutions and provide our clients with innovative, high quality and adaptable telco technology which serves them now and long into the future.”
Vonex was trading at 11 cents per share at the end of the trading day.