Symbio Completes Acquisition
Sydney, Feb 1, 2023 AEST (ABN Newswire) - Symbio Holdings Limited (
ASX:SYM), a leading voice communications software provider, has completed the acquisition of Intrado Australia's Cisco-focused end-to-end Cloud Calling, Contact Centre and Collaboration business, providing services to key partners and Enterprise & Government customers in Australia. Intrado Australia is a subsidiary of West Technology Group, LLC (formerly known as Intrado Corporation) which is a cloud-based global technology business. Acquiring this customer base and highly skilled employees will supercharge growth of Symbio's UCaaS business.
The $5 million acquisition was funded as an all-cash consideration and the transaction completed on 31 January 2023.
The deal adds approximately 60,000 seats to Symbio's UCaaS division, via existing partners and direct customers effectively doubling the existing enterprise seats and helping to consolidate the market position of this fast-growing business unit. Symbio anticipates the acquisition will add approximately $12.5 million of annual recurring revenue, contribute over $6 million in annual recurring gross margin, and generate post-synergy annualised EBITDA of $2 million.
In its current form, the deal encompasses:
- Leading provider of Cisco hosted solutions with an attractive customer base comprised of over 60 mid-to-large enterprises and state and federal government entities in Australia
- Over 20 specialised, sales and technical employees based in Sydney, Melbourne, and Perth
- New major channel partner relationships which build on Symbio's partner support capabilities
- A strong funnel of potential sales opportunities
Commenting on the acquisition, Symbio's CEO and Co-Founder, Rene Sugo said: "Acquiring these unified communications customers aligns with our strategy to grow market share and continue to build new partner channels in our home market as well as the strategic direction of our UCaaS business. It also contributes to our vision of having 100 million numbers on our network by 2030. Our strong balance sheet allows us to fund this acquisition as an all-cash consideration.
Symbio's UCaaS division CEO Iain Falshaw added: "This acquisition is significant for the UCaaS division. The additional 60,000 seats we are set to acquire doubles the size of the existing business, which helps us to build our critical mass quickly and build scale efficiently through an enhanced partner channel. In a competitive talent environment, we are also pleased that as part of the deal, over 20 employees in highly specialised sales and technical roles, will immediately join the Symbio team and we are looking forward to having them onboard."
Symbio will host an investor call on Friday 3 February at 9am. Registration is available at this link:
https://www.abnnewswire.net/lnk/996F50N9
About Symbio Holdings Limited
Symbio Holdings Limited (ASX:SYM) is a software company changing the way the world communicates.
Symbio's technology replaces old-fashioned telecom networks with software, making it faster and easier to deliver modern cloud-based communication services, unlocking endless new applications for calling, messaging and phone numbers.
Symbio is the backbone for the global cloud communication industry. Over 500 service providers - from telecom start-ups to the world's biggest software companies - rely on Symbio for the connectivity, quality and expertise they need to solve complex communication challenges.
Headquartered in Sydney, Symbio powers billions of calls and messages each year, owns networks in three countries and employs over 450 staff worldwide.
For more information about Symbio visit www.symbio.global
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