- Comms Group (CCG) has purchased telecommunications service provider Binary Networks for $1.8 million
- The company has purchased the business in a cash-and-scrip deal and is expecting to complete the integration in the 2022 financial year
- Comms says the purchase will bring significant technology platforms, systems and talent to the business
- On market close for the day, Comms is up 8 per cent and is trading at 8.1 cents per share
Comms Group (CCG) has purchased telecommunications service provider Binary Networks for $1.8 million.
Binary provides services to small- and medium-sized enterprises in Australia.
The purchase will bring significant technology platforms, systems and talent to the business.
Comms purchased the business in a cash-and-scrip deal and is expecting to complete the integration in the 2022 financial year.
Notably, Binary has annual revenue of around $2 million, with expected pro-forma earnings before interest, taxes, depreciation, and amortisation of $350,000 post synergies.
Comms CEO and Managing Director Peter McGrath is pleased to welcome Binary to the Comms Group business.
“The acquisition of Binary Networks will assist the group to modernise our systems, automate key processes and add online ordering and automation of delivery of certain key products to speed up organic sales and sales ordering and assist with growth in our gross margins and thus earnings longer term,” he said.
Binary Networks Founder Michael Diamonds is pleased to become part of this new dynamic business telecoms group.
“We decided to join Comms Group to be part of this growth journey and bring to the group our great technology and data networks that I’m so proud of,” he said.
“I am pleased to be joining as the Head of Systems & Systems Integration and look forward to working closely with the team,” he added.
On market close for the day, Comms is up 8 per cent and is trading at 8.1 cents per share.