Telecommunications innovator Vonex Limited (ASX: VN8) has completed its acquisition of Voiteck Pty Ltd.
Voiteck is an established provider of voice and internet services to SME customers in South Australia.
Founded in 2009 by telecommunications industry veteran Declan O’Callaghan, Voiteck has grown to now service more than 10,000 hosted PBX phone system users through approximately 1,000 customers, spanning a range of end-markets including Aged Care and Community Clubs, with a number of select clients.
Voiteck’s established presence across several niche verticals and its strong standing in the South Australian market will launch Vonex into a new geographic region which presents exciting growth opportunities.
The acquisition also provides Vonex for the first time with a much-needed branded physical presence in South Australia, through a customer showroom located on King William Street in the Adelaide CBD. This showroom will allow Vonex to manage its South Australian channel partners more closely and accelerate growth in this market.
The acquisition significantly boosts Vonex’s base of recurring customer revenue, with group ARR rising to more than $34.5 million post completion.
Beyond ARR, acquisition scale gains are expected to deliver growth across all key metrics for the combined business, including revenue, gross margin, EBITDA and SME customers. This acquisition is consistent with Vonex’s deliberate strategy to pursue growth via organic and inorganic channels.
Across several transactions, Vonex has successfully demonstrated its ability to identify, acquire and integrate complementary, high-quality ICT companies that add value to shareholders and customers.
Vonex is looking forward to integrating Voiteck’s operations with its established SME-focused full-service telecommunications platform, bringing Voiteck’s customers more efficiency, better systems and faster services.
Vonex has paid total upfront consideration of approximately $2.75 million, comprising:
- $2.2 million in cash; and
- 4,983,246 ordinary shares at a deemed issue price of A$0.11
The cash component of the upfront consideration has been paid utilising Vonex’s existing cash reserves.
Additional consideration of up to $2.75 million may be paid to the vendors subject to the realisation of certain synergies and EBITDA growth delivered in FY22 and FY23.