Monday August 6th, 2018 – 5G Networks (ASX:5GN) is pleased to announce that it has completed the acquisition of Inabox’s (ASX:IAB) direct business
The $5.7m transaction is the purchase of IAB’s Hostworks and Anittel subsidiaries. This will provide 5GN with one of Australia’s largest and most experienced cloud providers, reflected through its technical resources and national reach and coverage. The acquisition is a significant step in expanding the geographical footprint of 5GN which will now have offices in Melbourne, Sydney, Brisbane, Adelaide, Perth, Hobart, regional NSW and Townsville.
Managing director of 5G Networks, Joe Demase reports:
“We pursued this acquisition because it was exactly what we needed to rapidly expand our core business streams and represents great synergy with our existing business. We have expanded our geographic coverage in our key competencies – Cloud, Data and Managed Services”. The acquisition of IAB's direct business is accurately aligned with our acquisition strategy and 5GN is extremely excited by the positive future that lies ahead".
Download the full announcement for more details