Singtel‘s wholly owned subsidiary NCSI Holdings (NCS) has entered a deal to acquire IT services consulting company Dialog for A$325 million, or around S$325 million, the telco said in a filing to SGX Monday.
Dialog is Australia’s largest privately owned IT services company, with clients across the government, healthcare, transportation, financial services and technology sectors, the filing said.
Under the deal A$290 million will be paid on the deal’s completion, and A$35 million will be paid in tranches within two years after the deal is completed, Singtel said.
In a separate statement, NCS said the deal was aimed at finding opportunities in the Australian market.
“The scale of this acquisition, our largest to date, reflects our firm commitment to growing our business beyond the shores of Singapore, particularly in Australia where we can also leverage the strategic presence of the Singtel Group,” Ng Kuo Pin, CEO of NCS, said in the statement.
NCS has been growing its presence in Australia since December 2020 to serve clients in the country via NCS NEXT, its digital innovation and services arm, the filing siad.
As of end-June 2021, the audited net asset value of Dialog was A$43 million, the filing said.