Hubify drops $2.5 million on Sydney-based ICNE, Smile Telemarketing

Hubify has finalised the acquisition of two business, Sydney-based cloud managed service provider ICNE and telemarketing and lead generation specialists Sennah (known as Smile Telemarketing). 

The ASX listed telco services company will pay $2 million for ICNE, and 1x annual EBITDA for Sennah (Smile) with a minimum of $250,000 and a max of $750,000. Both will be paid for in 50 percent cash and 50 percent shares.

Hubify said that ICNE is its “anchor” MSP acquisition and will enable the offering of an end to end IT, managed service, cyber and telecommunications solution to the SME market. ICNE is forecast to contribute $600,000 in EBITDA in FY22.

Sennah is expected to provide data on over 75,000 Australian businesses to drive growth. It also contributes new IP for customer engagement and is expected to contribute $500,000 EBITDA in FY22.

All staff from both companies, including ICNE founder and chief executive John Martin, will be retained.

“I’m really pleased to be announcing these important acquisitions for the company,” Hubify chief executive Victor Tsaccounis said of the acquisitions.

“Firstly, it’s exciting to have acquired our first managed service provider. This is a significant milestone in our growth plans for the company. I look forward to John and the ICNE team joining Hubify to deliver on our vision to empower people and business through technology.

“Secondly, our contact centre operations play a critical role in our multichannel approach to acquiring, retaining and cross selling to SMB customers. We will combine our existing call centre with Smile to leverage the expertise and systems to deliver synergies and enhanced capabilities to Hubify. I look forward to Tony [Hannes, founder] and the Smile team joining Hubify.

“Both acquisitions are important for the company as they support our dual pronged strategy to grow the business both organically and through new acquisitions in the Telco and IT space. We continue to work through our acquisition pipeline, and I look forward to updating the market as more acquisitions are completed.

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