ASX-listed DWS (ASX:DWS) has bought 75 per cent of Phoenix IT & T Consulting for $19.5 million.
Phoenix founders, Hayden Kelly and Andrew Henderson will retain the remaining 25 per cent of the business, which was launched in 1987.
Phoenix has more than 200 staff across Sydney and Melbourne, and brand will be retained as it will operate as a separate business unit.
The acquisition is expected to provide DWS with annual revenue of more than $40 million across a diverse base of clients from sectors such as telecommunications, financial services, utilities and transport.
It will also broaden DWS’ IT services offerings in areas such as productivity and sourcing, and business consulting.
DWS CEO, Danny Wallis, said the acquisition adds to its depths of services to deliver integrated customer solutions.
“Phoenix provides us with a range of new services that complement DWS’ IT focus and longstanding relationships with a number of new blue-chip customers,” Wallis said.
DWS was trading at $0.91 at the time of publication.
