ChannelLife Australia logo
Industry insider news for Australia's technology resellers
Story image

Australian premium Apple reseller brought out

By Catherine Knowles
Wed 4 Mar 2015
FYI, this story is more than a year old

Broad Investments Limited has announced it's entered two separate agreements for the acquisition of MyMac, Australian based Apple reseller, and Monsta Industries, the Mac accessories wholesaler.

In a statement, Broad said the acquisition of MyMac is the result of ‘lengthy’ negotiations over a period of approximately four months.

MyMac is currently the largest privately owned premium Apple reseller in Australia with three stores in Melbourne and one in Sydney.

The reseller has been in the business for 15 years and has an annual turnover of approximately $14 million.

However, this is expected to increase with the additional turnover that Monsta and MyMac’s recent school’s initiative will bring, says Broad.

Steve Bardel, MyMac managing director and founder, will continue with the business for at least a period of three years.

As part of the acquisition agreements, Bardel will join the board of the company sometime after completion of the transactions.

Monsta Industries is an importer and wholesaler of Apple accessories and supplies various Apple reseller and technology stores across Australia. It currently has a turnover of approximately $1 million.

At present, Monsta doesn’t supply any MyMac stores, but the acquisition will immediately enable Monsta to provide the four stores with accessories.

In a statement, Broad said it was able to successfully negotiate the acquisition agreement ahead of several other competitors, and calls it ‘a significant coup’ given that MyMac is the only privately owned premium Apple dealer in Australia.

Broad says Cathy Bray, the most recently appointed board member, was a ‘valuable sounding board’ during the negotiations between Broad’s Chairman and MyMac vendors.

Vaz Hovanessian, Broad Investments chairman, says, “It was a hard fought battle on both sides but the result is fair and pleasing for all the parties and provides both the vendors and Broad the opportunity to benefit from the transactions.

“For Broad in particular the acquisitions are of significance not only because this was the third attempt by Broad in two years to acquire the businesses, with no success on the first two occasions, but also because it opens up so many opportunities for Broad to benefit its existing and newfound shareholders.”

The acquisition is expected to be EPS accretive and with the combination of the three businesses, Broad is looking to be a higher level player in the technology and telephony space with the combined offerings.

Broad says MyMac, Monsta and Mirrus will merge operations into a single location to save on warehousing, administration and accounting costs.

Broad says this will be achieved ‘relatively quickly’ as Mirrus’ lease commitments have ended and the Monsta Industries facilities have enough spare space to accommodate all three operations.

Recently, MyMac has extended operations into supplying Apple products for schools as well as offering to set up local area networks (LAN) and internet security within school premises, including various repair and service operations for products under or out of Apple warranty.

Broad says this service work is expected to increase exponentially as schools enter fixed term ‘fix or replace’ agreements with MyMac.

MyMac’s repair and service income has increased 35% year-on-year and is expected to continue. These are much higher margins than the retail operations provide, says Broad.

However, the school initiatives are expected to increase the retail sale of accessories as the market opens up with younger consumers, Broad says.

Mirrus provides modem and switch installations as well as cabling and repair services for SME clients of AAPT/Powertel, which is now part of TPG following the acquisition about 12 months ago.

Mirrus’ expertise in cabling, office network and installations will complement the offerings by MyMac to the ‘lucrative’ educational market, and MyMac will be better placed to take advantage of this, Broad says.

Broad’s other subsidiary, Unified Business Communications Group (UBCG) provides PABX and handset repair and installation services and is also venturing into other telephony offerings which it can cross-sell to schools.

The transaction will involve the issue of 574,149,098 shares and 25 million Incentive Options (the Options to vest in 12 months and exercisable at 0.5 cents) to unrelated and unassociated vendors.

Under the agreements one vendor only, who was a substantial holder in both MyMac and Monsta, will hold 19.9% of the issued capital of Broad, with the agreements allowing for that percentage to be maintained if any additional shares are issued between now and up to the next AGM that are other than for fund raising, acquisitions or debt reduction.

The shares issued to this holder will be escrowed to the extent of 50% for up to 24 months, with 25% being released after 12 months and the balance 25% after 24 months.

The acquisition also includes an immediate payment of $200,000 in cash on completion.

Related stories
Top stories
Story image
Employment
Tech job moves - Forcepoint, Malwarebytes, SolarWinds & VMware
We round up all job appointments from May 13-20, 2022, in one place to keep you updated with the latest from across the tech industries.
Story image
Vectra AI
Understanding the weight on security leader’s shoulders, and how to shift it
Millions of dollars of government funding and internal budgets are being funnelled into cybersecurity to build resilience against sophisticated threats, indicating how serious this issue has become.
Story image
Broadband
Telstra enters into new RSP agreement with Opticomm
Telstra has entered into an RSP agreement with Opticomm (A Uniti Group Limited subsidiary) to provide network fibre services to customers.
Story image
Ransomware
Alarming surge in Conti Ransomware Group activity - report
A new report has identified a 7.6 per cent increase in the number of vulnerabilities tied to ransomware in Q1 2022.
Story image
Alteryx
Decision Inc. Australia enters partnership with Alteryx
Independent data and analytics consultancy Decision Inc. Australia has partnered with automated analytics company Alteryx, expanding its offering to clients.
Story image
Testing
Google and CSIRO use AI to help protect the Great Barrier Reef
Google has partnered with CSIRO in Australia to implement AI solutions that help protect the Great Barrier Reef.
Story image
Microsoft
New Relic enters multi-year partnership with Microsoft Azure
New Relic has announced a strategic partnership with Microsoft to help enterprises accelerate cloud migration and multi-cloud initiatives. 
Story image
Ransomware
A third of companies paying ransom don’t recover data - report
Veeam's report finds 76% of businesses who are victims of cyberattacks paid the ransom to recover data, but a third were still unable to get their information back.
Story image
Digital Transformation
Pluralsight and Ingram Micro Cloud team up on cloud initiative
Pluralsight has teamed with Ingram Micro Cloud to build upon cloud competence and maturity internally, and externally support partners’ capabilities.
Story image
Gaming
Hands-on review: WD_Black SN770 NVMe SSD Game Drive
Western Digital expands its WD_Black range of NVMe solid-state drives with the WD_Black SN770 Game Drive.
Story image
Application Security
What are the DDoS attack trend predictions for 2022?
Mitigation and recovery are vital to ensuring brand reputation remains solid in the face of a Distributed Denial of Service (DDoS) attack and that business growth and innovation can continue.
Story image
Artificial Intelligence
SAS launches human-focused responsible innovation initiative
SAS has launched a responsible innovation initiative, furthering its commitment to equity and putting people first.
Story image
Nozomi Networks
Nozomi Networks, Siemens reveal software integration
Nozomi Networks and Siemens have extended their partnership by embedding Nozomi Networks’ software into the Siemens Scalance LPE local processing engine.
Story image
Cybersecurity
The 'A-B-C' of effective application security
Software applications have been a key tool for businesses for decades, but the way they are designed and operated has changed during the past few years.
Story image
trust
9/10 Aussies to stop spending if personal data compromised
"Based on the patterns we are seeing among Australian consumers, it is evident that trust in a brand is exceptionally important."
Story image
Lightspeed
Lightspeed launches all-in-one marketing platform in A/NZ
ECommerce provider, Lightspeed has launched a new all-in-one marketing solution, Lightspeed Marketing & Loyalty in Australia and New Zealand.
Story image
Surveillance
Motorola Solutions acquires Videotec S.p.A for security portfolio
Motorola Solutions has acquired Italian ruggedised video security company Videotec S.p.A, along with its portfolio of highly versatile cameras.
Story image
Wireless
Hands-on review: Technics EAH-A800 Noise Cancelling Wireless Headphones
Designed in Osaka, Japan, these headphones just exude quality. They aren’t heavy, but they feel well built and solid.
Story image
Wireless
Cradlepoint expands its Cellular Intelligence capabilities
Cradlepoint has announced additional Cellular Intelligence capabilities with its NetCloud service.
Story image
Cybersecurity
BlackBerry offers Kaspersky replacement cybersecurity for the channel
BlackBerry advises that users of Kaspersky software in Australia and New Zealand undertake a rigorous risk analysis of their current security posture.
Story image
Mobility
Tyson Beckford partners with Element Case on new AppleWatch band
Celebrity Tyson Beckford has collaborated with STM Brands' Element Case brand to create a rugged new accessory.
Story image
Data Protection
Barracuda launches new capabilities for API Protection
"Every business needs this type of critical protection against API vulnerabilities and automated bot attacks," Barracuda says.
Story image
Telstra
Telstra, Google and Accenture launch 5G AR experience for AFL
Telstra, Google and Accenture are developing a new 5G powered augmented reality (AR) experience at Melbourne's Marvel Stadium for the footy season.
Story image
Remote Working
How zero trust and SD-WANs can support productive remote working
The way people connect with applications and data has changed, users are remotely accessing resources that could be stored anywhere from a corporate data center to the cloud.
Story image
Remote Working
Australia’s remote workers face connectivity and security issues
SOTI's new report finds better video conferencing technology and improved security measures are top concerns for remote workers in Australia.
Story image
Phishing
KnowBe4 celebrates reaching 50,000 customers worldwide
KnowBe4 has reached the milestone of 50,000 customers, adding nearly 2,500 in the first quarter of 2022 alone.
Story image
Workato
Workato unveils enhancements to enterprise automation platform
"The extra layer of protection with EKM, zero-logging, and hourly key rotation gives customers a lot more visibility and control over more sensitive data."
Story image
Manufacturing
HINDSITE wins Aerospace Xelerated Pitch Challenge with solution to support Boeing
Brisbane-based startup HINDSITE was the winner of the first ever Pitch Challenge organised by Aerospace Xelerated in partnership with Queensland XR Hub. 
Story image
Artificial Intelligence
AI-based email security platform Abnormal Security valued at $4B
"A new breed of cybersecurity solutions that leverage AI is required to change the game and stop the rising threat of sophisticated and targeted email attacks."
Story image
Cybersecurity
Infoblox's State of Security Report spotlights Australian remote work hazards
Attackers exploit weak WiFi, remote endpoints, and the cloud, costing 50% of organisations over $1.3 million in breach damages.
Story image
Cybersecurity
Noname Security partners with Netpoleon to target API issues
Specialist API security firm Noname Security has appointed Netpoleon as its distributor in Australia and New Zealand.
Story image
Ransomware
Cybersecurity starts with education
In 2021, 80% of Australian organisations responding to the Sophos State of Ransomware study reported being hit by ransomware. 
Story image
Artificial Intelligence
SAS announces new products amid cloud portfolio success
Analytics and AI company SAS is deepening its broad industry portfolio with offerings that support life sciences, energy, and martech.
Story image
Sift
Sift shares crucial advice for preventing serious ATO breaches
Are you or your business struggling with Account Takeover Fraud (ATO)? One of the latest ebooks from Sift can provide readers with the tools and expertise to help launch them into the new era of account security.
Story image
Fintech
Airwallex launches new bank feed integration with NetSuite
Airwallex has launched a new bank feed integration with NetSuite, developed in partnership with NetSuite solution partner, Onlineone.
Story image
WolfVision
WolfVision announces new range of visualisers
WolfVision has announced a new range of visualisers to help meet multiple industry demands for remote learning and educational solutions.
Story image
Cybersecurity
Managed service providers: effective scoping to avoid costly vendor pitfalls
Managed security services are outsourced services focusing on the security and resilience of business networks.
Story image
Cloud Security
Aqua Security createa unified scanner for cloud native security
“By integrating more cloud native scanning targets into Trivy, such as Kubernetes, we are simplifying cloud native security."
Story image
Amazon Web Services / AWS
RedShield leverages AWS to scale cybersecurity services
"Working with AWS gives RedShield the ability to mitigate significant application layer DDoS attacks, helping leaders adopt best practices and security architectures."
Story image
Data solutions
South Australia state satellite makes significant progress
South Australia’s first state satellite has successfully completed the Critical Design Review (CDR), moving it closer to providing tangible data solutions.
Story image
Cybersecurity
Hard numbers: Why ambiguity in cybersecurity no longer adds up
As cybersecurity costs and risks continue to escalate, CEOs continue to struggle with what their investment in cyber protection buys. Getting rid of ambiguity becomes necessary.
Story image
Application Performance Monitoring / APM
Why SolarWinds Partners will have big wins in 2022
We summarise the key recent changes that the monitoring software vendor has made to accelerate its channel business.
Story image
Apple
Apple previews new features for users with disabilities
Apple says new software features that offer users with disabilities new tools for navigation, health and communication, are set to come out later this year.
Story image
Artificial Intelligence
SAS unveils AI experience to improve kids' batting abilities
SAS has created The Batting Lab, an interactive experience using AI, computer vision and IoT analytics to help kids improve their baseball and softball swings.