ComputerCORP will change its name, chief executive and business scope after finally agreeing on terms for the purchase of two east coast technology companies, S Central and Synergy Plus, for nearly $20 million.
The West Perth technology provider will take on the Synergy Plus name and S Central's managing director, Peter Mavridis, changes which reflect that the acquisitions will significantly reweight ComputerCORP's workforce and revenues to the east coast.
Chairman Domenic Martino said the deals, flagged in March, would combine the company's product services offering with managed IT services to create a national technology company. "Product services has been good to us ... but (we are) moving more to a managed services model," Mr Martino said. "We want to see ourselves challenging on a national basis."
Mr Mavridis will replace ComputerCORP's Perth-based chief executive Robin Rindel tomorrow.
ComputerCORP will pay up to $9.3 million for Synergy Plus and acquire S Central by taking responsibility for its $10.8 million in liabilities.
To help fund the transactions, it will raise $10.5 million. The raising will include a $4.3 million rights issue, fully underwritten by Mr Martino, and a $5 million placement to Mr Mavridis and fellow S Central major shareholder Polly Mazaris.
ComputerCorp's shares fell 1¢ to 5¢.
VIVIENNE RYAN
