Digital services provider, Hyro (ASX:HYO), has picked up a selection of Commander’s managed services clients (ASX:CDR). The deal is the latest in a string of asset sales made by the ailing integrator’s receivers, McGrathNicol, to payback massive debt.
In a statement, Hyro said the acquisition gave it access to strategic corporate and government clients and would bring in about $3 million per annum. Details of the transaction remain confidential. Hyro CEO, Bill Votsaris, was unavailable to comment at time of press. However, sources close to Commander claimed the deal could include select Melbourne-based managed services contracts.
Hyro provides online marketing, e-commerce and digital services across Australia and Asia. Earlier this year, it launched new identity management tools.
The first of Commander’s assets sold off was its bulk managed services business including Federal Government and South Australia contracts. The contracts were picked up by listed Northern Territory player, CSG (ASX: CSV), in an effort to grow its managed services business nationally.
Commander’s main telecoms business, including its franchise network, was sold last month to newly formed consortium, Commander Telecom Group. As part of the arrangement, 400 staff will transition to the new group. Commander’s Polycom distribution business, Unitel, was acquired by Transition systems earlier this month.
Peter Anderson, Chris Honey and Joseph Hayes of McGrathNicol were appointed receivers to Commander on August 8.