Superloop to acquire Apex Networks for $5.8 million
- 08 October, 2015 13:03
Dark fibre infrastructure provider Superloop (ASX:SLC) has agreed to acquire networking company Apex Networks for $5.8 million.
The acquisition - expected to be completed by 16 October - will allow Superloop to offer managed services to its wholesale and channel customers via Apex Network's IT and product platforms. These include systems from service qualification tools through to ordering, provisioning, billing, support and network management.
Superloop CEO, Daniel Abrahams, said the networking company will continue to operate in Australia as a brand within the Superloop group. Its revenues are expected to be in excess of $3 million this financial year.
Apex Networks co-founders, Ryan Crouch and Matthew Gregg will take on new roles following the acquisition.
Gregg will become Apex Networks' general manager while Crouch will be Superloop's CTO. Crouch’s role will include integration of the company's platforms across the Superloop group.
In August, Superloop released its FY15 results after being admitted to the ASX in June. The company said it made an operating loss before tax of $1.19 million for the period ended 30 June, with Superloop still in its construction and development phase.
It reported an underlying earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $3.5 million. Operating expenses for the period were $3.3 million, largely made up of employee expenses ($1.1 million) and professional services ($1.7 million).
The company also reported cash and term deposits of $18 million.