Brennan confirms it has made an offer to acquire MOQ Limited
to create one of Australia’s largest homegrown technology companies
Sydney, Australia, 17th August 2022: Brennan is pleased to confirm that it has made an offer to acquire MOQ Limited (ASX:MOQ) (MOQ) under which Brennan will acquire 100% of the ordinary shares in MOQ pursuant to a scheme of arrangement (Scheme).
MOQ is an ASX listed company with a strategy to develop, build and acquire complementary Cloud-focused technology businesses.
The offer from Brennan has been unanimously recommended by MOQ’s board of directors in the absence of a superior proposal and follows the announcement by Atturra Limited (ASX: ATA) (Atturra) that they have elected not to exercise their matching rights under a Scheme Implementation Deed which MOQ had entered into with Atturra. As noted in MOQ’s market announcement on the 16th of August, the termination of the Scheme Implementation Deed between MOQ and Atturra is expected to occur today.
Should the Scheme be implemented, MOQ shareholders will receive total cash consideration of $0.075 per MOQ share subject to all applicable conditions being satisfied or waived, which represents an equity value of MOQ of approximately $23.3m.
If the Scheme is implemented, this transaction will be Brennan’s third acquisition in the last 12 months, having acquired Forsythes Technology and Clade Solutions, and is part of its strategy to grow both its geographic footprint and enhance the delivery capabilities it offers customers.
Dave Stevens, Brennan’s founder, and Managing Director said, “We are excited to be taking this step forward in our vision to become Australia’s largest technology company. With over 25 years in business, our heritage as one of Australia’s largest and most successful managed services providers has recently been bolstered by two acquisitions. Our strategy of fully integrating acquisitions means our customers and our staff quickly get the full benefits of the merged entities”.
As Brennan continues to expand its transformation capabilities to match the strength in its managed offerings, if the Scheme is implemented, the MOQ acquisition will offer both complementary services and geographic expansion.
Dave Stevens has long held an interest in MOQ, currently owing 8.6% of the total MOQ shares on issue.
Brennan Media Enquiries
For more information on Brennan, visit www.brennanit.com.au
For more information on MOQdigital, visit www.moqdigital.com.au