Vonex (ASX:VN8) acquires Voiteck for $2.75m

• Telecommunications company, Vonex (VN8), completes acquisition of South Australian voice and internet services provider Voiteck
• Vonex has paid a total upfront consideration of approximately $2.75 million, comprising $2.2 million in cash and some 5 million company shares
• The company says the acquisition will see Vonex migrate approximately 10,000 active private branch exchange users to its platform
• The total contract value for new customer sales added in Novemebr 2021 reportedly exceeded $1 million, a record sum for the company
• Shares have been up 9.52 per cent, trading at 11.5 cents

Telecommunications company, Vonex (VN8), completes the acquisition of South Australian voice and internet services provider Voiteck.

The company said the acquisition launches it into a new geographic region, providing a branded physical presence from which the combined group can pursue growth in the SA market.

Vonex has paid a total upfront consideration of approximately $2.75 million, comprising $2.2 million in cash. The remainder is made up of around 5 million shares at a deemed issue price of 11 cents, which are escrowed for between 6 months and 24 months post issue.

The company said the acquisition will see Vonex migrate approximately 10,000 active branch users to its platform.

According to the company, the group annualised recurring revenue will increase to more than $34.5 million and is expected to add double-digit earnings accretion to the Company on a full-year basis.

The total contract value for new customer sales added in the month of November 2021 reportedly exceeded $1 million. This is the company’s strongest ever month of retail sales, up 50 per cent year-on-year.

Shares were up 9.52 per cent, trading at 11.5 cents at 11 am AEDT.