HYO 0.00% 26.0¢ hyro limited

announcement

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    Hyro To Acquire Additional $50m Revenue
    Hyro Limited
    ASX: HYO
    Hyro has signed an exclusive Memorandum of Understanding (‘MOU’) outlining the terms and
    conditions for the acquisition of Synergy Plus Pty Ltd (‘Synergy’ – www.synergy.com.au).
    Synergy is a technology and infrastructure services company, headquartered in Melbourne, with
    offices in Sydney, Adelaide and Canberra. Employing around 140 people, Synergy is a Tier One
    IBM Partner providing a range of infrastructure, development, integration and support services for a
    range of Australia’s top 200 companies and a number of government agencies.
    “Synergy is a significant company with a history that can be traced back as far as 1983” said Hyro
    Chief Executive Officer, Mr Joe Calavassy. “Synergy’s pedigree of clients is very complementary to
    Hyro’s existing client base, with limited overlap. By acquiring Synergy, Hyro will be adding well
    known names such as ColesMyer, ANZ Bank, NAB, Berri, Qantas, Toyota, Heinz and VicRoads,
    amongst others, as prospective users of Hyro’s end-to-end Digital Services offering. Add this to
    Hyro’s existing customer base, and this will further establish Hyro as the largest Digital Services
    company in Australia and New Zealand.”
    “As Synergy’s services dovetail neatly into the Hyro Digital Services offering, the acquisition will
    provide significant competitive advantage for the merged business, and will add opportunities to
    seek both incremental and organic revenue and earnings growth in 2007 and beyond.”
    Initial financial estimates for the Synergy business in 2007 are:
    • Est. annual revenue 2007 approximately $50 million.
    • Est. annual EBITDA 2007 approximately $6 million
    The final acquisition price, which will be in a combination of cash and stock, will be subject to due
    diligence and shareholder approval, and is expected to represent approximately 30% of the
    combined companies.
    The Synergy acquisition will add further capability and breadth to the compelling Hyro service
    offering and with an expanded presence in Australasia, in the short to medium term.
    “We welcome Synergy as a part of the Hyro organisation, as we combine our businesses to create a
    world-class corporation” Mr. Calavassy said.
 
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