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GrowthOps makes $20M takeover bid for Asia Pacific Digital
GrowthOps makes $20M takeover bid for Asia Pacific Digital
GrowthOps takeover bid for Asia Pacific Digital worth $20M
(L-R) Trimantium Growthops CEO Paul Mansfield with chairman Dominique Fisher and managing director Phillip Kingston.
Australian IT and consulting firm Trimantium GrowthOps (ASX:TGO) has made an off-market takeover bid to acquire 100 per cent of Asia Pacific Digital (ASX:DIG) shares.
Trimantium GrowthOps was formed through the merger of enterprise cloud and software solutions provider 3wks, mobile applications developer Jtribe, enterprise IT consulting, and cloud and software solutions provider Digital Moshi.
It is also comprised of digital marketing and technology player KDIS, creative agency AJF Partnership, content producer Khemistry, branding and graphic design firm Voodoo Creative, and the Institute of Executive Coaching and Leadership (IECL).
On 16 March, the company listed on the Australian Securities Exchange (ASX)
following a $70 million initial public offering (IPO)
Now, GrowthOps is offering one share for every 8.9 Asia Pacific Digital fully paid ordinary shares, which values the company’s equity at almost $20 million.
GrowthOps also intends to enter into private treaty arrangements with company placement option holders to acquire or cancel their options in exchange for GrowthOps shares.
In addition to the offer, GrowthOps has provided APD with a short -term working capital facility, GrowthOps has provided APD with a short -term working capital facility Ntv Ticker Em
Asia Pacific Digital (APD) offers IT solutions and digital services including creative, performance marketing, social media, CRM and analytics and more.
Headquartered in Singapore, Asia Pacific Digital also has offices in Sydney, Melbourne, Auckland, Manila and Kuala Lumpur and employs 300 staff.
The combined business will employ more than 500 people across nine cities in six countries.
“The acquisition of APD enhances the existing GrowthOps service offering," GrowthOps managing director Phillip Kingston said. "It follows the successful integration of our existing technology-driven businesses."
Australia’s newest IT consulting powerhouse goes public after $70M IPO
"APD’s Asian presence and core competencies, particularly in technology, complement our existing end-to-end platform and allow us to strengthen our powerful value proposition for clients in the Asia Pacific region.”
With the acquisition, GrowthOps expects to complement its services. GrowthOps said that there is no material overlap in the businesses existing clients.
“Given GrowthOps and APD have minimal overlap in clients and services, there’s a tremendous opportunity to expand our cross-selling strategy across clients, industries and geographies," GrowthOps CEO Paul Mansfield said.
"The businesses we have previously acquired have already been successfully cross-selling and co-delivering client work."
The board of APD recommends the offer. If successful, Asia Pacific Digital chairman Roger Sharp, who is also the founder of investment firm North Ridge Partners and the chairman of Webjet Limited.
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