The agreed acquisition, which is subject to ACCC approval, will see Telstra acquire all of Adam's business including Adam's Adelaide data centre and fibre assets.
Telstra's Innovation Products and Marketing Group Managing Director, Kate McKenzie, said: "Adam is a respected brand with a loyal customer base in South Australia. It's a great online, low cost business that lets customers purchase and manage their own services.
Adam's executive chairman and founder, Greg Hicks "will remain an important part of the Adam operation as a consultant following the completion of the sale," Telstra said, and "Existing employment arrangements for current staff would not be impacted by completion of the sale."
The company has been in business for 25 years and employs about 200 people. It claims to serve "tens of thousands of customers."
A report in the Herald-Sun prior to the announcement said that Hicks had dismissed rumours of the sale as "total bulls**t." It said the company had about 90,000 customers in the Adelaide metropolitan area.
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