Managed service provider, Montech (ASX:MOQ), has finalised its acquisition of Tetran Group.
Tetran is a managed IT services and professional services company with over 90 employees across offices in Australia (HQ), New Zealand, Singapore and a centre of excellence in Sri Lanka.
The acquisition is said to be synergistic because it brings added scale to Montech through its core NSW operation, international footprint and cross-industry customer base.
Montech chief operating officer, Joe D’Addio, said the two organisations had already begun working together following the completion of the deal on May 20.
“The MOQ and Tetran management teams have initially focused on integrating their respective market offerings and making those enhanced services and solutions available to their client base,” he added.
Montech paid a purchase condition of $9 million on completion of the acquisition, comprised of $4 million in cash and 142,857,143 shares in the company at $0.035 cents per share.
The deal also includes a performance-based hurdle to enable Tetran vendors earn up to an additional maximum of $1 million in Montech shares.