Friday, 17 February 2017 07:20

Melbourne IT becomes full owner of Outware Featured

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ASX-listed Web hosting and domain registrar company Melbourne IT has become the owner of custom mobile apps developer Outware Systems, acquiring the remaining 24% of the latter about six months before it planned to do so.

The sale price was $26.9 million, bringing to $57.84 million the total price paid.

In 2015, Melbourne IT picked up 50.2% of Outware for $21.7 million and also acquired the right to fully own the business in two tranches of 24.9% each over the next two years.

The amounts payable for these tranches were to be calculated based on Outware's EBITDA on 30 June 2016 and 2017 respectively.

The second tranche was bought in August 2016 for $9.24 million.

The payment for the third tranche is about $2.3 million less than what was expected, Melbourne IT said in a media release.

"Of the $26.9 million purchase consideration, $23.2 million is payable immediately with the balance ($3.7 million) placed in escrow until 1 January 2018," Melbourne IT chief executive Martin Mercer said.

"The balance in escrow will include $1 million of Melbourne IT shares, which will be purchased on market. All costs associated with this transaction will be funded from Melbourne IT’s existing debt facility.

"Melbourne IT is delighted with the performance of Outware mobile over the past 18 months. The total consideration paid by Melbourne IT for Outware is $57.84 million which represents a 4.7 multiple to its forecast 2017 EBITDA."

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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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