Leading information technology consultancy SOCO Corporation Ltd (ASX:SOC) has completed the $7.5 million acquisition of Axsym Technology.
In late October SOCO announced it was acquiring AxSym with an initial payment of $4.3 million in cash funded from the company’s available cash on hand, and $3.2 million in SOCO ordinary shares.
AxSym is a Canberra-based information technology consultancy with a federal government focus, with clients including Defence, Foreign Affairs, and National Security agencies. AxSym also brings success in the New South Wales state government sector, delivering services to the NSW Rural Fire Service.
The AxSym team’s expertise across diverse IT architecture domains positions them favourably to offer trusted advice to decision-makers, along with confidence that the advice translates into delivery success.
SOCO CEO, Simon Forth, said the acquisition is highly complementary and delivers significant EPS accretive earnings. AxSym is a close cultural fit with aligned values. The entrepreneurial founders of AxSym have a tier one consultancy background.
“The acquisition increases our Canberra footprint and opens additional opportunities to service our growing book of Federal Government clients. In addition, the acquisition will serve as an accelerator in the NSW Government sector. Our integration program has commenced, with AxSym’s rebranding to SOCO along with corporate services functions that includes marketing, people and culture and administration.”