- Spirit Technology’s (ST1) Trident Technology Solutions has achieved the earn-out target for the period ending November 30, 2020
- On February 14, Spirit revealed it had acquired Trident Business Group for $6.9 million
- Of that figure, 30 per cent consisted of an earn-out structure based upon earnings before interest, tax, depreciation and amortisation over 2020 and FY21
- This acquisition allowed Spirit to launch its new business unit, which will focus on delivering IT and internet solutions for schools, hospitals and aged care facilities
- Spirit is up 4.82 per cent on the market and shares are trading at 43.5 cents
Spirit Technology’s (ST1) Trident Technology Solutions has achieved the earn-out target for the period ending November 30, 2020.
On February 14, Spirit revealed it had acquired Trident Business Group, which includes Trident Computer Services and Neptune Managed Services, for $6.9 million.
Of that figure, 30 per cent consisted of an earn-out structure based upon earnings before interest, tax, depreciation and amortisation over 2020 and FY21.
This acquisition allowed Spirit to launch its new business unit, Trident IT Solutions, which will focus on delivering IT and internet solutions for schools, hospitals and aged care facilities.
Further, Trident CEO Katie Bentley was appointed CEO of Trident IT Solutions while Neptune CEO Geoff Bentley was appointed Spirit’s Chief Sales Officer.
“The performance of the Trident business since joining the Spirit group has clearly demonstrated Spirit’s capability to integrate and grow commercial opportunities as demonstrated by the recent 1H 20 growth recently announced,” Managing Director Sol Lukatsky said.
“Spirit’s comprehensive product range spanning voice, cloud, data, managed services and cybersecurity is now being integrated into one offering and is in high demand,” he added.
Spirit is up 4.82 per cent on the market and shares are trading at 43.5 cents at 2:11 pm AEDT.