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Listed Techs Hyro claims $7.3m revenue from ACT acquisition
Listed Techs Hyro claims $7.3m revenue from ACT acquisition | Hyro claims $7.3m revenue from ACT acquisition |
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| by Stan Beer | |
| Friday, 17 November 2006 | |
  
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“Hyro has enjoyed strong growth in the Canberra market over the last couple of years,” said Hyro Chief Executive Officer, Mr Joe Calavassy. “Our reputation as a provider of Digital Services to governments has shone through with recent projects such as the upgrade of www.act.gov.au, our ongoing work with The Australian Attorney General’s Department and other projects for a range of government agencies.” “In OPS we have found a team with complimentary skills, complimentary clients and an identical culture of strong client commitment. Merging with OPS will give Hyro instant critical mass in Canberra and will significantly expand delivery capability in that market,” Mr Calavassy said. The forecasts used for this transaction indicate that the acquisition of OPS will add approximately $7.3 million in revenue in 2007 and approximately $1.03 million in earnings, prior to any revenue or cost reduction benefits which may accrue from the merger of OPS operations with Hyro. Taking into account the enterprise value of OPS, the MOU values the acquisition at approximately 2.6 times 2007 earnings. With the recent acquisitions the company expects to provide the market with revised pro-forma estimates over coming weeks. |
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