Inabox, the cloud and IP services provider announced that it has acquired Hostworks, a digital media solutions provider headquartered in Sydney. The deal was reportedly closed at AUD 7 million (USD 5.4 million).
Hostworks is a managed cloud business and specializes in finding digital media solutions for media agencies, commercial enterprises, government and other organizations. Its services include digital and online media solutions, consulting, and enterprise managed cloud and it has been in the market for over 10 years.
Inabox says that it acquired Hostworks to strengthen its cloud hosting capabilities and its position in the South Australian market. Experts say that the two organizations are expected to generate AUD 119 million (USD 91 million) in the first year after acquisition.
Damian Kay, Managing Director and CEO, Inabox said:
We’ll always acquire where it makes sense and we’ll continue to look for those opportunities. But we’ve got a lot of work to do to bedding down Hostworks and that for now is a really big focus for us.