Sale of Non-Essential Assets for $3 Million in Cash
DC Two Announces Acquisition of Leading Cloud Provider Attained and Sells Non-Core Assets
In a significant move, DC Two Limited, a UK-based company, announced on 30 December 2022, the proposed acquisition of Attained, a leading managed IT and cloud services provider. This marks DC Two's first acquisition, aiming to bolster its growth strategy.
Simultaneously, DC Two has agreed to sell its non-core infrastructure assets for a total of $3 million in cash to D Comm Infrastructure Pty Ltd. The sale is part of a focus on the next phase of growth, with the proceeds to be used for building a unique technology offering within the cloud microservices sector.
Attained, with an average of ~$3 million in unaudited revenue over the last three years, brings several technology layers to DC Two's portfolio. These include Cyber Security, Professional Managed IT services, Cloud services, Network and Voice solutions. The acquisition is expected to expand DC Two's commercial footprint across various markets, including Australia, UK, Asia, and Europe.
The customer agreement with AusMT Energy Pty Ltd (AusMT) is included in the transfer, although the revenues generated have been lower than expected. DC Two has been in ongoing discussions with AusMT regarding the agreement's performance.
D Comm Infrastructure Pty Ltd's CEO, Brett Endersby, stated that the acquisition of DC Two's modular data centre business is a strategic move to expand data centres for renewable energy projects. The sale and acquisition are subject to conditions precedent.
The acquisition of Attained is progressing well and is expected to close by the end of March 2023. Following the sale, DC Two will accelerate its growth plans from a position of financial strength.
DC Two's strategic reasoning for selling its non-core infrastructure assets and the specific use of the proceeds for future growth remain undisclosed. However, typical corporate practices suggest that companies sell non-core assets to focus on primary business areas, streamline operations, or raise capital. The proceeds are often reinvested into core growth initiatives, new investments, debt reduction, or enhancing shareholder value.
D Comm Infrastructure Pty Ltd is a subsidiary of D Comm Ventures Pty Ltd, a leading Web 3.0 technology company. The sale of DC Two's Modular Assets will provide cash consideration of $3 million (before costs), which will be used for growth objectives within the cloud microservices sector.
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