Professional services and software firm, Midware is expanding its base in Australia's tropical regions following the acquisition of IMAC Support Services in a share transaction worth $500,000.
The deal is expected to add between $1.5 million and $1.8 million in additional revenue to Midware's coffers within 12 months by leveraging off IMAC's 250-plus established consulting services and software clients throughout Queensland and the Northern Territory.
"There are major positives for both Queensland clients and Midware nationally with this acquisition," says Mark Flack, managing director of Midware. "IMAC's existing clients will gain additional support from our national team, and keep their local contacts."
Flack says the deal is consistent with the company's plans to develop a strong sales and marketing channel, backed by skilled people experienced in delivering software and services.
IMAC's managing director and founder, Ian McCaskill will assume the role of chief technology officer to focus on maintaining the group's product development lead.
Midware will issue 2,500,000 fully paid shares at 20 cents per share and 500,000 options in consideration for the IMAC business.