Sydney-based Impact Systems Technology has been acquired by an unnamed buyer described as a "young entrepreneur" in the IT industry.
Established in 1990 by Peter Agamalis, the company is a PC manufacturer that also has a distribution arm and offers managed services and product outsourcing.
According to Agamalis, the company grew to focus on distribution turning around $30 million annually.
In the beginning of 2019, he started consolidating the business and seeing where the market was going he studied the options regarding both his and the business future. While the company was still "enjoying success" he felt it was a good opportunity to sell it, quietly putting it out for sale.
Agamalis told ARN that he quickly received "a number of proposals" ultimately deciding on this "young entrepreneur".
The sale includes all of Impact Systems assets including stock, warehouse with all staff remaining on board. The plan is to also maintain the Impact Systems brand as the trading name under the new ownership.
Following the closure of the sale in August, Agamalis is currently helping with the transition to the new owner but told ARN that no contract has been signed for him to remain with the business and that he is looking for a change.
He said he would like to focus on personal projects but also would not mind exploring some consulting work or join another company.
"I still retain a lot of passion for the business and am happy to consider options or opportunities that present themselves to me," he told ARN.
Agamalis explained that he wanted to make a change and would like to be able to pass on all his expertise acquired in the distribution business. He said that he had recently done a lot of educating to industry peers and that he has an interest in training and helping more people.
He addressed his peers, colleagues, associates and customers with who he's done business for the past 28 years and who supported him on this journey.
"I wish to thank everyone for their support. I will walk away of Impact knowing that I achieved significant strides in the industry and that I'll be recognised as a major player.
"I would like to continue my legacy with new beginnings in a new chapter."
Impact Systems works with many vendors including Asus, Brother, HP, Intel, Lenovo, Lexmark, Microsoft, Samsung, Seagate among others.