Synergy buys Leading from administrators
- 16 November, 2009 08:46
- Comments 6
ASX-listed integrator, Synergy Plus (formerly ComputerCorp), has entered a memorandum of understanding to acquire Leading Solutions from its administrators. The assets purchase comes 18 months after a merger between the two organisations fell over at the eleventh hour.
According to a statement, Synergy takes over running the business from today. The acquisition is expected to be completed by November 25 and sees Synergy hand over an undisclosed cash payment at settlement, as well as assume business contracts.
Leading appointed voluntary administrators, McGrathNicol, on October 29. The decision was precipitated by ongoing credit issues.
In the statement, Synergy’s acting CEO, Peter Cappendell, said Leading allowed it to dramatically expand its east coast presence. It aimed to have 60 per cent of total revenues come from the eastern states in 2010.
“Leading Solutions has been established for 12 years; we are looking forward to working closely with customers of Leading Solutions and to welcoming staff of Leading Solutions to Synergy,” Cappendell stated.
Outgoing Leading Solutions CEO and founder, Frank Colli, expressed his thanks to all those who supported the company in an email to employees, which was sighted by ARN and dated November 14.
“What brings tears and amazing pride is that at the last moment there were still some 160 staff that had every right to feel angry and upset to have lost their jobs. But instead they rallied together with pride in what they had achieved and had had been a part of, fighting to the last minutes for their customers,” Colli said in the email. “At that instant in time, in you my staff, I could see the dream and vision of what we had wanted to create some 19 years ago.”
Colli also pointed to some historic statistics about Leading, such as selling $1007 million in products over its 19-year history, including $582m worth of HP goods.
Following the acquisition, Synergy will have 330 staff in 11 locations nationally. The company rebranded from ComputerCorp to Synergy Plus on November 1. It acquired Synergy Plus from Hyro in March in a deal worth $9.3 million.
More to follow.
Nominations for the 2012 ARN IT Industry Awards open on Tuesday, June 12.
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Comments
Anonymous
How long?
How long before this all falls in a heap, dont any of these resellers learn from everyone before them that has failed.
BCA to Leading - Synergy to Computercorp and then merge all four together, lol. Good luck.
Anonymous
Another Chapter Begins
Buying bargains, that what they think. Buying into trouble is what they really are. They just don't know how to build companies. Acquisitins are the way to go, is what they think. It all sounds good at the start, wait until you hear the story 12 months later....more jobs losses and retrenchments. Companies that a good at selling products will not survive in IT, there a thousands of these companies. Smaller IT companies tht specialse in services will be the ones that survive and grow. The larger ones are shrinking and disappearing as you can see.
Anonymous
LOL
Other business partners, they are laughing as they hear every Synergy/ComputerCorp/Leading Solutions stories. What didn't happen 18 months ago, is going to work now because the timing is better.....your joking, you can't possibly be serious :) It is absolutely hilarious. It is a huge challenge just to run an IT company, but to merge these IT companies, it is even a greater challenge. Can't see any good stories coming out of this merger.
Anonymous
Have you read the article?
Synergy didn't merge with Leading Solutions as planned 2 years ago. This is a buy out of their assets and contracts. The good staff will move across the others I guess go to the resellers that you say are laughing...
At least this way some of the Leading staff will have employment over Christmas instead of just finishig up on the street which would have happened under the administrators who had already stopped paying all expenses and referred employees to GEERS for entitlements.
Ex Leading Staff
Get the FactsRigh Leading is getting Liquidated.
No Leading has not Merged. It is going under Liquidation.
I am one of the Ex-employees. We all have been sent a redundncy letter. And today 16th November 2009, at a staff meeting we were told Leaing is getting Liquidated and were informed to lodge am application via GEERS to get our entitlements.
Ex Leading Staff
You are absolutly right. All staff have been given the redundancy letter apart from 9 employees. who are only kept for one week. After which they should get redundancy as well.
Leading is set to be Liquidated as anounced on today's Staff meeting.
Geers will only work if Leading gets Liquidated.
Cheers