ASX-listed integrator, Synergy Plus (formerly ComputerCorp), has entered a memorandum of understanding to acquire Leading Solutions from its administrators. The assets purchase comes 18 months after a merger between the two organisations fell over at the eleventh hour.
According to a statement, Synergy takes over running the business from today. The acquisition is expected to be completed by November 25 and sees Synergy hand over an undisclosed cash payment at settlement, as well as assume business contracts.
Leading appointed voluntary administrators, McGrathNicol, on October 29. The decision was precipitated by ongoing credit issues.
In the statement, Synergy’s acting CEO, Peter Cappendell, said Leading allowed it to dramatically expand its east coast presence. It aimed to have 60 per cent of total revenues come from the eastern states in 2010.
“Leading Solutions has been established for 12 years; we are looking forward to working closely with customers of Leading Solutions and to welcoming staff of Leading Solutions to Synergy,” Cappendell stated.
Outgoing Leading Solutions CEO and founder, Frank Colli, expressed his thanks to all those who supported the company in an email to employees, which was sighted by ARN and dated November 14.
“What brings tears and amazing pride is that at the last moment there were still some 160 staff that had every right to feel angry and upset to have lost their jobs. But instead they rallied together with pride in what they had achieved and had had been a part of, fighting to the last minutes for their customers,” Colli said in the email. “At that instant in time, in you my staff, I could see the dream and vision of what we had wanted to create some 19 years ago.”
Colli also pointed to some historic statistics about Leading, such as selling $1007 million in products over its 19-year history, including $582m worth of HP goods.
Following the acquisition, Synergy will have 330 staff in 11 locations nationally. The company rebranded from ComputerCorp to Synergy Plus on November 1. It acquired Synergy Plus from Hyro in March in a deal worth $9.3 million.
More to follow.