Superloop Limited (ASX:SLC) is pleased to announce that it has entered into a binding
agreement to acquire APEXN Pty Ltd (APEXN).
APEXN, which trades as APEXnetworks, provides networking solutions and managed services
with a focus on supporting wholesale and channel partners and has been operating successfully
in Australia since 2006.
The transaction is expected to complete on 16 October 2015.
Total consideration is $5.8 million, consisting of $3.8 million in cash and $2.0 million in
Superloop scrip, to be issued at the average VWAP for the 30 trading days up to 2 days prior to
the completion date. The cash component is to be funded from existing cash reserves.
CEO of Superloop, Mr Abrahams said “The acquisition of APEXN allows Superloop to rapidly
deploy a managed services capability for our wholesale and channel customers via APEXN’s IT
and product platforms. APEXN’s platform includes key systems from service qualification tools
through to ordering, provisioning, billing, support and network management. This is particularly
important as Superloop expands our fibre network in Singapore under Project Red Lion.”
APEXN will continue to operate in Australia as a brand within the Superloop group and is
currently EBITDA and cash flow positive with established customer and recurring revenues
expected to be in excess of $3m this financial year.
APEXN Co-Founders Ryan Crouch and Matthew Gregg both continue within the Superloop
group. Matthew Gregg will assume the role of General Manager – Apex Networks, responsible
for leading the continued growth of APEXN in Australia and Ryan Crouch will assume the new
role of Chief Technology Officer within Superloop, which will include ongoing responsibility for
the APEXN systems, as well as the integration and expansion of the APEXN platforms across the Superloop Group.
Both Mr Crouch and Mr Gregg said “They remained committed to the ongoing implementation
and development of APEXN services from within the Superloop group, and along with the
APEXN team looked forward to contributing to the ongoing success of the Superloop group.”
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