Hyro (ASX:HYO) has offloaded parts of its Synergy Plus subsidiary for $9.3 million to ASX-listed integrator, ComputerCorp (ASX:CZP), just two-and-a-half-years after acquiring it.
The price is payable in cash over a three-year period and dependent on Synergy’s profit performance. The minimum purchase price is $6.5 million. ComputerCorp is required to pay $4.5 million within the next 10 months.
ComputerCorp is picking up the Synergy Software Holdings division, as well as its IBM infrastructure business including mid-range server and storage solutions, related managed and hosting services and maintenance contracts. The deal encompasses 31 staff.
In an ASX statement, Hyro CEO, Bill Votsaris, said the decision to sell Synergy was part of a broader review of its business. Hyro will retain Synergy’s application development, IBM application software consulting and application managed services business. It will also offer infrastructure services via an ongoing partnership with ComputerCorp and other providers.
“Hyro’s customers use a wide range of infrastructure solutions from major vendors, and the Synergy Plus business unit is a specialist provider of IBM solutions which does not meet all of the current needs of our diverse customer base,” he stated. “Instead of continuing to invest in diversifying and growing the Synergy Plus business, we have decided to sell the business unit and partner with specialist infrastructure solution companies including ComputerCorp.”
Hyro acquired Synergy Plus in November 2006 for an undisclosed sum. At the time, Hyro COO, Richard Lord, said the appealing aspect of the acquisition was the lack of overlap between customers and services.
In December, Hyro picked up select managed services contracts from defunct communications and integration player, Commander, worth about $3 million per annum. It was also in talks with electronic forms provider, Indigo Pacific earlier in 2008, but called off the acquisition after revising its go-to-market strategy.