ASX-listed integrator, Synergy Plus (ASX: SNR) has finalised its purchase of Leading Solutions for $3.9 million.
According to an ASX statement, the final consideration included a cash payment along with an unspecified amount to cover existing trade debtors. As previously reported in ARN, receivers’ accounts for Leading showed its total creditors debt exceeded $12m at the time administrator, McGrathNicol, was appointed on October 29.
Synergy acting CEO, Pete Cappendell, said integration had gone smoothly and some former Leading customers had been transitioned. Synergy has also taken on 45 ex-Leading employees, bringing its total headcount to 300 nationally.
"We're very comfortable with the way it's transpired - we've got good people and clients on-board, and we're still working on transitioning some of them," Cappendell said. "Buying a company from administration is a fairly clean exercise and significantly less complex than buying off the owners."
Synergy acquired Leading’s business assets on November 16, 18 months after the pair abandoned a merger agreement. The latest deal was first expected to be completed in December, but was held up by the Christmas period. Synergy has been running the Leading business since November 16.
Last week, Synergy announced it expected to report a first-half gross profit of $1.5m-$1.6m for the six months to December 31, 2009. Cappendell highlighted managed services and outsourcing as key areas of opportunity for the company in 2010.
