Australian diversified IT services firm UXC has acquired local system integrator Ingena Group Limited for an undisclosed sum in what UXC has called a friendly takeover.
Geoff Lord, UXC chairman
(Credit: UXC)
Recently ASX-listed professional services firm and system integrator IGL will now form the "cornerstone" to UXC's professional services group, UXC said in a statement to investors today.
"Clearly, the economic environment has undergone a dramatic and rapid change recently. With that change comes challenge, but also opportunity," Geoff Lord, UXC's executive chairman said in a statement.
UXC had offered a 23 per cent premium to IGL's share price at 28 October of 32 cents, which had gone into free fall since its August high of 52 cents. Ingena's 2008 financial year revenue was $14.4 million, with an EBITDA profit of $3.2 million according to its 2008 annual report.
UXC claimed it now has some 4,000 employees and contractors with this latest acquisition adding 138 staff to its headcount.
The company has been on a buying spree over the past years. Two notable acquisitions it has made this year included fellow IT services firm Getronics and Queensland-based smart metering firm Datec.
