Australia's Seisma buys Fronde, creates 500-strong trans-Tasman group

Australia's Seisma buys Fronde, creates 500-strong trans-Tasman group

Target company statement valued transaction at $8.5 million.

Jason Delamore (Fronde)

Jason Delamore (Fronde)

Credit: Supplied

Australian IT services provider Seisma Group has acquired New Zealand's Fronde Systems and is now the company's sole shareholder. 

As reported last month, Fronde's board recommended shareholders accept a full takeover from Melbourne-based Seisma.

A target company statement in response to Seisma’s offer said the offer price of $1.152 a share was within an independent adviser’s value range for the Fronde shares and the board considered it was very unlikely that a better offer would emerge during the offer period.

That price valued Fronde, a Google, AWS and Salesforce partner, at $8.5 million. The company had revenue of $23.2 million and total equity of $2.1 million in the year ended 31 March 2022. 

With more than 500 personnel, the combined Fronde and Seisma will now be partnering to deliver a broader range of services to the New Zealand and Australian markets. 

"With 30 years of history in the IT services market, it was important to find the right organisation interested in partnering with or acquiring Fronde," Fronde CEO Jason Delamore said.

"The strategic fit had to be right for our long-standing shareholders and the combined strength and capabilities of both companies needed to create long-term value for our people and our customers."

"It became quickly apparent that the Seisma plus Fronde combination was the best opportunity to realise that value and we are all excited about the acquisition potential."

Seisma CEO Rob Hogeland said part of Seisma's growth objective had always been to secure a strategic investment to strengthen its presence in New Zealand. 

"We approached Fronde because of the people, customer base and proven success," he said. "Part of our partnership will consist of opportunities for a more diverse range of clients and technologies."

One curiosity of the deal is that Fronde's eighth largest shareholder is Melbourne's Carlton Football Club, with just over 3 per cent.

Fronde was founded in 1992 as Synergy before changing its name to Fronde several years later. In 2020 it sold its NetSuite business to Australia's OnlineOne. 

Seisma has acquired a number of partners, most recently Australian Salesforce partner Smartapps, one of the largest privately-owned Salesforce partners in Australia.

There would be no immediate changes to operational activity in New Zealand.

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