SKS Technologies Limited is set to acquire the assets and ongoing business of APEC Technologies Group for approximately $2 million, pending satisfactory due diligence. This acquisition aims to expand SKS Technologies’ capacity and capability, targeting emerging opportunities in the sector.
APEC Technologies, based in Victoria, specializes in fibre networking, communications, and electrical solutions for high-profile clients, including banks, telcos, retailers, healthcare facilities, and government organizations. SKS Technologies’ CEO, Matthew Jinks, stated that the merger aligns with their strategic goals and will enhance their ability to provide innovative technical solutions on a larger scale.
The acquisition is expected to boost SKS Technologies’ annual revenue to over $50 million and secure over $20 million in combined work. It will be paid for through the issuance of new equity in SKS Technologies, with shares issued at a 20% discount to the 10-day volume-weighted average price. Completion is anticipated in late March, allowing SKS Technologies a full quarter of revenue before year-end. The acquired business will be rebranded as SKS Technologies.
Jinks highlighted that APEC’s innovative solutions are increasingly vital in the post-COVID workplace, reinforcing SKS Technologies’ position at the forefront of AV and IT convergence. SKS Technologies specializes in digital transformation through AV/IT, electrical, and communication networking solutions.
Click here to read the rest of the article on the NewsnReleases website.