AGC Networks subsidiary to buy cyber security firm Dragonfly Technologies

AGC Networks Limited said that its indirect subsidiary — Black Box Technologies Australia has agreed to acquire Dragonfly Technologies Australia from KAK Nominees, Cylaiako Nominees, and CTA Consulting for AUD 7.43 million ($5.47 million).

According to the Mumbai-based IT service management company, the consideration is payable 50% at the time of closing of the deal, while the remaining 50% will be based on performance-based earn-outs over a period of three years from closing.

Founded in 2005, Dragonfly Technologies Australia is focused on providing services pertaining to cyber security, enterprise networking, automation, and consulting.

The consolidated FY2021 revenue of Dragonfly Technologies Australia was AUD 4.24 million.

AGC Networks said that the acquisition will help it consolidate its footprint in Australia as well as enable it to add cybersecurity capabilities to provide a wider variety of services to our customers. The Indian firm said that this will also provide scope to cross-sell to the current customers.

The deal is subject to approval from the Australian Foreign Investment Review Board (FIRB).

Last month, AGC Networks had completed its previously announced acquisition of communications technology providers Pyrios Pty Limited (Australia) and Pyrios Limited (New Zealand).

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