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Iocom and Beethoven sign MOU

Iocom and Beethoven sign MOU

A Memorandum of Understanding (MOU) has been signed between IT outsourcing company Iocom and Beethoven Computer Services.

The MOU involves Iocom acquiring 100 per cent of the services and systems integration business currently owned by Beethoven.

Iocom managing director Peter Singer said the acquisition would significantly extend Iocom's reach to its target market -- corporations with 15 to 350 workstations and head offices in Sydney or Melbourne.

Iocom listed on the ASX last year, and Singer said the acquisition allowed it to expand its existing skills. These include gaining Beethoven's network monitoring centre and a greater presence in Victoria. "There are synergies between the two companies which work," he said.

Beethoven's services division has an annual turnover of about $7 million. It specialises in IT services, strategic IT planning, network design, systems integration and software development.

Iocom will not acquire the software development business of Beethoven, because of its wish to remain focused on its core business of services.

Beethoven has about 40 staff in its systems integration and services business, and is headquartered in Melbourne, with offices in Sydney and Brisbane.

Finanical arrangements of the deal have not been disclosed, although Iocom expects to release full details in the next month. Formalities of the acquisition include a due diligence process.


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