The Foreign Investment and Review Board this week approved Fujitsu's $200 million acquisition of Telstra's IT services business Kaz.
Fujitsu Australia chief Rod Vawdrey (Credit: Fujitsu)
The approval means Fujitsu can now complete the acquisition of Kaz Group from Telstra. Fujitsu announced its intentions in March, ending months of uncertainty over Kaz's future with the telco.
Ownership of Kaz gives Fujitsu an inroad to key federal government accounts with the Department of Defence, Customs and Border Protection Services, as well as Australia Post and petroleum giant BP.
"This acquisition is all about growth and job security for a strengthened Fujitsu business in our local market," said Rod Vawdrey, CEO Fujitsu Australia and New Zealand.
"The merger will ensure retention of local expertise and will enhance our ability to present a strong local footprint in the Australian market."
Fujitsu said the deal created a "strategic alliance" with Telstra. Details of the alliance have not been disclosed; however, Fujitsu has recently won key IT services deals previously held by Telstra, including the Qantas five-year desktop services contract, estimated to be worth around $200 million.
The acquisition of Kaz preceded another by the company made last week of local SAP consultancy Supply Chain Consulting.
Fujitsu today claimed it is the third largest IT services company operating in Australia with 5000 staff. The acquisition of Supply Chain Consulting adds a further 400.
Now let's wait for the sackings to commence. It's not Noah's are and they won't need two of everything