IT services provider Fusion5 has filled out some details of its deal with private equity company Waterman Private Capital in the wake of a Reseller News story last week.
Waterman will acquire a 55 per cent shareholding in Fusion5, the company said, describing the deal as a "partnership".
Waterman would support the business applications company’s growth objectives in New Zealand and Australia.
"As a major shareholder in Fusion5, Waterman shares our enthusiasm for transforming our business into a significant provider of new initiatives, rich expertise, consultancy, and game-changing innovation," said Rebecca Tohill, Fusion5 chief executive A/NZ.
"Waterman’s investment in Fusion5 strengthens our position in the market, and enables us to grow more quickly, take advantage of high growth opportunities, and provide an even more comprehensive range of solutions and services to our customers."
Fusion5 has expanded its staff numbers, capabilities and solution portfolio through an ongoing acquisition strategy, the company said.
The recent addition of Mindfull, a business intelligence consultancy with around 30 staff, raised Fusion5’s revenue to $100 million and its headcount to 470 staff across nine offices.
"With Waterman on board, Fusion5 will continue to grow both organically and through acquisition," Tohill said.
"The market is presenting many opportunities across all our vendor partnerships and we are excited to take advantage of these."
Fusion5 offers a range of digital transformation business solutions, applications, consulting services, cloud, and managed services as well as support and training.
Expertise covers enterprise resource planning, HR/payroll, customer relationship and experience management, IT service management, and infrastructure.
The company is also known for vertical solutions developed across several key industries.
The company has over 900 customers, spanning multiple countries and it is a partner for global technologies including Microsoft, NetSuite, Oracle JD Edwards, IBM and Ivanti.