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Kordia Group accounts reveal price paid for Base2

Kordia Group accounts reveal price paid for Base2

Accounts also reveal annualised revenues for two most recent acquisitions.

Shaun Rendell (Kordia)

Shaun Rendell (Kordia)

Credit: Kordia

Kordia Group's annual accounts have revealed the price the state-owned company paid for Auckland-headquartered managed services provider Base2.

The accounts -- which have now been filed with Treasury and seen by Reseller News -- document that the assets and business of Base2 ICT Managed Services Ltd were bought for $4.9 million.

Base2 was half owned by Greg Sharp with Andrew McBeath and Ian Baker each holding 25 per cent of the remaining shares. The business goes to market as a specialist provider of modern workplace, managed IT and network and communications services as well as cloud solutions.

A note in the accounts said that if the buyout had occurred on 1 July 2020, Base2 would have contributed $5.1 million in revenue and $573,000 in profit to Kordia Group's results for the year.

Announcing the deal in May, Kordia said the acquisition followed a global trend of convergence between IT service providers and telecommunications and connectivity providers. In particular, the buy strengthened Kordia's offerings around the modern workplace with the now 30-strong Base2 team joining as an independent business unit.

“For years, the force of convergence has pushed the IT and telecommunications worlds closer together," Kordia Group CEO Shaun Rendell said at the time. "Clients today are looking for single-source solutions spanning connectivity, cloud infrastructure, applications, and networks."

Kordia has for several years consistently built out its portfolio through acquisitions and organic growth. The business acquired leading cyber security consultancy Aura Information Security for $10 million in 2015 and followed that with the buyout of specialist cloud consultancy EMRGE last year.

Last February, Kordia bought Emerging Technology Partners and then rebranded its as EMRGE. The accounts say Kordia paid $500,000 for the company, all in goodwill, and it contributed $1.9 million in revenue during the group's 2021 financial year.


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