Spirit Technologies, an ASX-listed provider of workplace tech solutions, has agreed terms to buy Sydney-based cybersecurity specialist InfoTrust.
Street Talk understands Spirit will pay just under $35 million to acquire InfoTrust. Louise Kennerley
Street Talk understands Spirit will pay just under $35 million to acquire InfoTrust, which was founded in 2014 and provides services like secure cloud access and penetration testing to businesses.
Sources said InfoTrust is profitable, and would boost Spirit’s geographical footprint as well as margins. The deal would make cybersecurity Spirit’s biggest division, ahead of managed IT Services.
The purchase is being financed by a circa $16 million placement to its largest shareholder 263 Finance Pty, an entity related to businessman Shan Kanji. The latter is best known for chairing the board of listed IT managed services business Atturra Group.
He debuted as a substantial shareholder at Spirit in December and had secured a 19.74 per cent stake as well as a board seat by January 31. The latest placement is expected to push Kanji to the 30 per cent mark, and would require shareholder approval.
