After over 12 months in the pipeline, Logica has finally announced its acquisition of Melbourne-based systems integrator MITS.
UK-based Logica reportedly netted MITS for $85 million in a deal which will significantly boost the company's presence in Australia.
The deal will also see 550 MITS staff and combined facilities worth around $65 million in operating revenue come into the Logica fold.
According to Logica CEO Andrew Tindell, the rationale behind the acquisition is based on the compatibility of each company's technologies and operations.
"Logica's operations are based around three key areas: telcos, energy/utilities and finance. MITS's experience in the utilities sector was an important factor in our decision to acquire the company," Tindell said.
Although Logica has grown through acquisition in other regions, Tindell describes the move as strategic in anticipation of business opportunities through increasing rates of utilities deregulation.
"We are very interested in the sorts of opportunities provided by increasing deregulation," Tindell said. "The acquisition will allow us to be well positioned to take hold of that market, as well as expand our geographical spread and take advantage of outsourcing opportunities."