IntraPower has made its second acquisition of the month by buying 51 per cent of managed services provider, Wavenet.
The Melbourne-based company provides solutions as a service incorporating application and data hosting, managed private networks, IP telephony, managed firewalls, dedicated Web hosting and unified messaging.
The total purchase price is just shy of $900,000. Wavenet managing director, Michael Amira, said IntraPower would buy the remaining 49 per cent of shares over the next few years.
"I've been looking for an opportunity like this for a long time. IntraPower has a large database of clients for us to draw on," he said.
Amira and 14 Wavenet staff are being retained in the acquisition and will continue to run the business. Amira expects to hire more staff as a result of the expected increase in business from IntraPower's sales arm.
IntraPower CEO, Greg Kennish, said the acquisition reflected the company's desire to deliver alternative IP applications to its customers.
"We looked at a number of firms of excellence in this space, and Wavenet was rapidly scaling and profitable," Kennish said.
Wavenet's core customers are in the finance, petroleum and medical spaces, which Kennish said provided IntraPower with a customer reference network.
He said IntraPower was looking for more acquisitions.