Data#3 seals CICtechnology acquistion

Data#3 shareholders on Friday approved the $6 million purchase of systems integrator to CICtechnology in a deal that has created one of Australia's largest IT solutions companies.

Shareholders at a general meeting in Brisbane cast their vote to create a company with combined revenues of around $140 million a year and a staff of 450 people.

The shareholders also approved the appointment of CICtechnology principals Charles Tym and Craig Bishop as directors of Data#3.

In addition, the shareholders voted to introduce employee share purchase schemes and a dividend reinvestment plan.

The two companies have already started the process of integrating the businesses.

Data#3's managing director, John Grant said the acquisition is a "linchpin of the Queensland-based group's national expansion strategy".

"While we've achieved significant organic sales growth in the order of 40 per cent over the first half, CIC's acquisition lifts the pace of future expansion by several gears and positions us for a very strong performance in 1999/2000," he said.

Recent Data#3 customers include the G3 Communications Group, Brisbane's Wesley Hospital and Clayton Utz.