Superloop spends $5.8 million on ApexNetworks
- 08 October, 2015 14:26
ASX-listed dark fibre infrastructure provider, Superloop, has acquired Brisbane-based network solutions and services provider, ApexNetworks (ApexN) for $5.8 million.
ApexN was established in 2006, has nine employees and built a software defined network management system, used by channel partners and their customers.
The transaction consists of $3.8 million in cash and $2 million in Superloop scrip.
Superloop CEO, Daniel Abrahams, said the acquisition allows the company to rapidly deploy managed services capabilities for its wholesale and channel customers via ApexN’s IT and product platforms.
ApexN’s platform includes key systems from service qualification tools through to ordering, provisioning, billing, support and network management.
“This is particularly important as Superloop expands our fibre network in Singapore under Project Red Lion,” Abrahams said.
ApexN will operate as a brand within the Superloop group and recurring revenues is expected to be in excess of $3 million this financial year. The company’s co-founders Ryan Crouch and Matthew Gregg will remain with Gregg taking the role of general manager – Apex Networks. Crouch will take on the CTO title of Superloop.