ARN – 21st of August 2013
IT services provider, Brennan IT, is looking for acquisition opportunities after delivering record growth during the 2013 financial year.
Brennan IT CEO, Dave Stevens, said it was on the hunt for acquisitions to further increase its lead in the market, and had about $10 to $20 million to splash or maybe more if it was a compelling target.
“It depends on the fundamentals of what we’re buying,” he said. “It would be within the managed services space, software development or Cloud, those sorts of businesses.”
The potential business target must be a solid fit with Brennan IT‘s culture, have a strong foothold in the mid-market (50 to 1000 seats) and offer complementary services. It must also provide positive earnings in a minimal time period, Stevens said.
“Any deal needs to make a positive impact on the bottom line in a relatively short time period. As a business we are focused on profitable growth, not cash burn to buy share,” he said.
During the fourth quarter, Brennan IT delivered 43 per cent higher sales when compared to the same time last year. This is the highest quarter achieved for the business during its 16 year history. Revenues were also up across its services offerings.