ITC company CSG Ltd has acquired Perth-based business consulting firm Change Corporation Pty Ltd for an initial consideration of $20 million.
Change Corp's services include business strategy, IT strategy, solution architecture, implementation, cutomisation and development, integration and infrastructure.
Darwin-based CSG, which is listed on the stock exchange, said the acqusition integrated well with both CSG's existing application services businesses in WA and Victoria, providing an overarching consulting and systems integration capability, as well as the opportunity for forming combined outsourcing, integration and consulting propositions to customers with a multi-source approach.
CSG chief executive Denis Mackenzie said the acquisition gave its Application Services division the critical mass and platform to achieve the company's aim of being market leading accross all divisions.
"Our existing Applications Services business in Perth addresses the SME marketplace and we see significant growth in this sector," he said.
Founded by Stephen Langsford in 2002, Change Corp has expanded its team to 100 staff, with the majority based in Perth.
It has recently established a Sydney office, whilst delivering services to Melbourne and Canberra markets.
Mr Langsford remains the company's executive chairman as well as holding the position of chief executive with Quickflix Ltd, an independent online DVD rental business launched in 2003, which has now partnered with Optus, Fairfax, News Corporation and Ninemsn.
The CSG transaction calls for the payment of six times 2008 profit before tax, with an initial payment of $20 million.
Change Corp has a team of 100 staff, with the majority based in Perth.
