Sydney-based Brennan IT, the largest locally-owned systems integrator in Australia completes its August acquisition bid of ASX-listed MOQ Limited for $23.3 million
Brennan IT founder and managing director Dave Stevens says the company will continue its aggressive growth strategy and targeted acquisitions.
Prior to the acquisition, Stevens already held 8.6% of MOQ’s outstanding shares.
“The company’s clear differentiator is that it is able to apply local solutions to overcome issues unique to Australia.” says Stevens.
David Shein, Peter Ward, Alex White, Karen Bell, and Scott McPherson all resigned as directors of MOQ following the acquisition.
Lee Tamplin and Michael Austin have also resigned as MOQ company secretaries.
“We are excited to be taking this step forward in our vision to become Australia’s largest technology company,”
“With over 25 years in business, our heritage as one of Australia’s largest and most successful managed services providers has recently been bolstered by two acquisitions.”
“Our strategy of fully integrating acquisitions means our customers and our staff quickly get the full benefits of the merged entities.” says Stevens.
Brennan IT has acquired three firms in the last twelve months, following Forsythes Technology in August and Clade Solutions in January.
Accoridng to Stevens, IT services in Australia is expected to reach around $39 billion by the end of this year, as a result of businesses shifting their focus from short-term projects.
“The biggest driver of that growth is in business and technology consulting, which will grow to nearly $8.5 billion across Australia by the end of the year.” he said.
MOQ ended the 2021-22 financial year with $82.3 million revenue and $4.8 million net loss after tax.
