Melbourne-based IT services powerhouse Oakton has announced it intends to acquire large Oracle reseller mPower for $7.5 million in cash and shares.
North-Sydney based mPower distributes and provides services around Oracle products. Oakton is also an Oracle certified partner and has had a relationship with the vendor for over 10 years. It will now add mPower's 30 staff to its roster and a variety of new Oracle-based services to its existing customer base.
Oakton managing director Paul Holyoake said the acquisition gives the company an Oracle-based capability in Sydney that it had already built up organically in Melbourne. He now believes Oakton is the premier Oracle implementation partner in Australia.
The agreed $7.5 million figure is based on the performance of the acquired business and will be paid over a two-year period. The acquisition is the second in little over a month for the ASX-listed services company, which also acquired the local arm of Tier Consulting for around $7.7 million a few weeks ago.