Vita Group to acquire Camelon IT for $4.6m

Camelon will operate as the business brand of Vita Group from 1 October

Telecommunications retailer Vita Group (ASX:VTG) has signed an agreement to acquire Queensland-based ICT services provider Camelon IT for $4.6 million.

Camelon IT has revenues of $4.5 million and specialises in providing cloud services, managed data networks and unified communications to the SMB and enterprise sectors.

According to an ASX announcement, the acquisition will bolster Vita’s capability to offer ICT services to business and government customers.

The acquisition will be funded from existing cash reserves and bank facilities. It will take effect on 1 October.

Vita Group CEO Maxine Horne said the acquisition would help drive Vita Group’s expansion into the ICT services market.

“We’ve been very impressed with Camelon’s business model and its ability to guide business customers into new technologies such as cloud and IP-based communications,” she said in a statement.

Camelon IT founder and managing director Myles McNamara will remain with the company once it becomes the business ICT division of Vita Group.

Follow Hamish Barwick on Twitter: @HamishBarwick

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Tags vita groupASX:VTGacquisitonCamelon IT

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