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Telstra set to acquire tech consultancy firm Versent for $267.5M
Mon, 16th Oct 2023

Telstra has announced plans to acquire Versent, a technology consultancy firm, for a sum of $267.5 million. The primary objective of this strategic move is to accelerate the growth of Telstra's Purple tech business, as well as promote Network Application Services (NAS) growth in support of digitising Australian businesses and industries.

Versent, a Melbourne-based entity, boasts an annual net revenue growth of 17 per cent CAGR over the period of FY20-FY23, recording a $130 million net revenue in FY23. The company employs over 500 experts who aid more than 40 per cent of the listed entities in the ASX 100 in business transformation using cloud technology. They offer a full suite of services including professional and managed services in partnership with giants like AWS, Microsoft, and premier security and data vendors.

Versent has earned its spurs courtesy of its award-winning services in Amazon Web Services (AWS) and profound expertise in cloud technology, data, security, digital services, and identity and access management. The firm's proprietorship is a blend of its founders, investors, and employees.

The acquisition deal with Versent also encompasses Stax, a subsidiary of Versent. Stax is known for providing a self-operated cloud management platform that caters to both mid-market as well as enterprise customers. This platform empowers customers by enabling them to independently design, build and manage their own cloud.

David Burns, Group Executive, Telstra Enterprise, in his statements included in the release, shared the details of this partnership, which is subject to certain security holder processes. The finalisation of this acquisition is forecasted to occur within the next six weeks, given all conditions are met.

This move can be seen as Telstra's step towards consolidating its position in the rapidly evolving tech industry and securing substantial market share. Through this acquisition, the company aims to leverage Versent's strong market presence and extensive expertise in cloud technology, thereby facilitating seamless and efficient digital transformation for businesses all across Australia.