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Monday, 06 November 2017 05:33

Superloop acquires Wi-Fi services provider for $12m

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Networking and infrastructure group Superloop has signed an agreement to buy managed connectivity services provider GX2 Holdings for $6 million in cash plus $4 million in Superloop shares.

The cash component will be funded from Superloop's cash reserves and available debt facility. The share price for the Superloop acquisition will be $2.38.

A further deferred consideration of $2 million will be paid in cash in instalments in the two-year period from completion.

GX2 provides services to hotels, schools and accommodation providers in five countries, designing, installing and supporting Wi-Fi networks.

Superloop chief executive Bevan Slattery said: "Over the past 10 years GX2 has developed one of the most comprehensive software platforms for managing large scale guest Wi-Fi networks with an emphasis on providing granular control and visibility to operators of hotels, student accommodation, parks almost anywhere where there is guest WiFi access.

"This acquisition provides three main opportunities. First, to support and accelerate the GX2 platform further internationally, secondly for Superloop to leverage this platform at our existing community broadband locations and finally to develop new leading edge offerings in combination with the Superloop network across Asia.”

GX2 founder and chief executive Anthony van der Byl said: “We are excited to be joining the Superloop Group to continue the expansion of our offering. Combining Superloop’s existing systems and infrastructure will help us accelerate into more markets across Australia and overseas.”

GX2 earned $9.2 million in revenue from installation, ongoing management fees and hardware sales of in the 2017 financial year.

The company had about 75% of its business in the Asia Pacific region and the remainder in the US and the UK.


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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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