- Spirit Telecom has bought Arinda IT for $2.6 million
- The agreements includes $2.1 million dollars paid in cash, $500,000 in scrip payment
- This will be Spirits third acquisition over so many months
Spirit Telecom has purchased Arinda IT for a $2.6 million agreement.
The agreements include $2.1 million dollars paid in cash, $500,000 in scrip payment. Completion of the agreement is expected before mid-July and is subject to normal closing conditions.
Arinda was established in 2002 to provide for the hospitality industry with in-room internet systems and internet kiosks. It has now expanded into a fully managed IT services including data security and protection, Microsoft Office 365 Management, Business Wi-Fi solutions, network implementation and disaster recovery services.
Spirit is an internet business that aims to provide Australians with a super-fast wireless network. This will be Spirts third acquisition in a few months.
Spirit’s Managing Director, Geoff Neate is pleased with the acquisition.
“Arinda has a smart team that has demonstrated its ability to grow its top line in a disciplined and well-executed manner,” he said.
Arinda is a long-term partner of Spirit, the companies have worked together on customers including Quest apartments and Punthill apartments,
Ben Smith, Arinda CEO can see many great opportunities for customers, employee and shareholders with the new agreement.
“Arinda has worked with Spirit for a number of years and we are excited by the opportunity to work closer towards our growth targets. The Arinda team will become part of a bigger company and with that brings bigger opportunities,” he said.