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Citadel Group has announced it will acquire systems integrator Noventus for $5.7 million, with the company eyeing future government contract offerings.
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The deal will expand Citadel's defence and national security capabilities with Noventus' expertise in project management.
“Citadel has a successful track record of acquiring strategic bolt-on businesses that are readily integrated into the group in order to provide additional customer-centric solutions, leveraging our significant software engineering expertise,” Citadel chief executive Darren Stanley said.
“The acquisition of Noventus is consistent with our traditional approach to acquisitions and increases the scale of Citadel’s DNS offering, which remains a key industry focus of the group.
“With proven systems integration capabilities, Noventus will reinforce our position as a leading supplier to the defence and national security vertical.”
Citadel will pay $5.7 million for all of Noventus’ share capital, with 50 per cent of the sum to be paid upon deal’s completion, which is expected within the next month.
The company confirmed that the remaining funds would be paid in three months' time.
Citadel has experience working in the defence sector, having created, and continually managing, Australia’s largest enterprise content management solution, which holds over 500 million secure objects including corporate files, reports, personnel records and operational information. This is delivered to users wherever they may be using a range of authentication, security, workflow automation and digital integration solutions.
In the last 13 months, Citadel has acquired government business of technology agency Gruden for $1.65 million, and healthcare vendor Anaesthetic Private Practice for $2 million.
