Over the Wire Holdings Limited announced the acquisition of all of the shares in Digital Sense Hosting. The acquisition is expected to be closed on 30 October and is subject to a limited number of customary conditions precedent. Digital Sense is a cloud business that offers cloud offering to Enterprise and Government customers. The company is headquartered in Brisbane and employs approximately 40 staff.
Cloud Connect Collaborate
Over the Wire announced that Digital Sense accelerates the company’s growth and capability in the Cloud Solution pillar, resulting in the diversification of revenue across each of the Cloud Connect Collaborate pillars. It also strengthens Over the Wire’s ability to provide a complete and integrated solution set to Enterprise and Government customers. Upfront consideration of $27.0m comprises $21.6m in cash plus $5.4m in Over the Wire shares (at $3.64 per share, being the 10 day VWAP at signing of the LOI). The cash component is fully funded by an institutional placement of $20.0m (priced at $4.00 per share) and existing cash.
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