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Telstra drops $4.5m on HCS Business assets

Telstra drops $4.5m on HCS Business assets

Inabox sells off Tasmanian Government supplier to improve balance sheet

Telstra CEO Andrew Penn

Telstra CEO Andrew Penn

Telstra has acquired the business assets of Tasmanian Government IT supplier, HCS Business, from Inabox Group for $4.5 million.

HCS was the exclusive supplier of hosted collaboration solutions to the Tasmanian Government. Inabox picked up the company as part of its Anittel acquisition in 2014.

Inabox said the sale of HCS will help the company focus on its core business, the SMB and consumer markets.

The proceeds of the deal will be split with part being used to settle lease liabilities relating to HCS, while the remainder will be used to pay off other debts.

The sale adds to Telstra’s capability in the government sector, which the telco has been concentrated on improving for some time.

Inabox CEO, Damian Kay, said HCS would have required substantial assets to keep running and the company saw more opportunity in the SMB space, so decided to sell the assets.

“Telstra is Australia’s largest Cisco hosted collaboration solutions provider and is well positioned to support the Tasmanian Government.”

HCS made a profit before tax of $300,000 in the 2015/16 financial year, with revenue of $3.7 million.

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Tags Damian KayInaboxHCS BusinessTelstra

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