JB Hi-Fi acquires majority of Network Neighborhood

Network Neighborhood to become part of JB Hi-Fi’s commercial division

Network Neighborhood's Hugh Marquis

Network Neighborhood's Hugh Marquis

Electronics retailer JB Hi-Fi has bought a majority stake in education-focused corporate IT Services company Network Neighborhood.

Network Neighborhood will become part of JB Hi-Fi’s commercial division, which provides a range of products to corporate, government and education customers. The Network Neighborhood brand will be retained by JB Hi-Fi.

The deal is part of the strategy to help JB Hi-Fi become a “solutions provider” giving the retailer a services arm, and helping it in its ongoing expansion of its commercial division.

The partnership will help Network Neighborhood get a national presence and the ability to fullfill electronics and technology related needs of schools, replicating its success in Victoria. Network Neighborhood had over $25 million in 2012.

Network Neighborhood will look at growing organically at a national scale. Its CEO, Hugh Marquis, will remain with the business continuing his focus on strategic development.

JB Hi-Fi has the option to acquire the remaining shares of Network Neighborhood in 2014. JB Hi Fi’s other divisions include finance and telecommunications.

JB Hi-Fi posted a net profit after tax of $82.1 million in the first half, up three per cent from last year. For the first half, It reported a total of $1.82 billion in total sales, up 2.3 per cent from last year.

2015 State of The IT Channel Survey : IT'S TIME!!! Fill in this year's State of the IT Channel Survey and be in the running to win great prizes. CLICK HERE

Join the ARN newsletter!

Error: Please check your email address.

Tags JB Hi FinewsNetwork Neighborhood

Show Comments
 

Latest News

02:40PM
Raiders change strip to support cancer research
01:01PM
Chromebook sales up 27 per cent to 7.3 million units: Gartner
11:50AM
Federal Government foreshadows changes to spectrum pricing and allocation
11:33AM
Seventy per cent of Australian small businesses predict growth in year ahead
More News
26 May
IM Experience, Brisbane
26 May
SplunkLive! Brisbane
26 May
Entrepreneurial Marketing - Innovative Thinking to Create or Re-Invigorate your ...
26 May
D-Link IP Surveillance Training and Certification
View all events