Acquisition: Sydney-based FTS Group buys majority stake in Noetic Group
Australia’s IT services firm FTS Group has announced that it will be acquiring a majority stake in Noetic Group, a Canberra-based management consultancy that has expertise in serving the government sector. The deal will give Sydney-based FTS Group access to the personnel and IP of Noetic and allow FTS to expand its IT service offering and market share into federal government, defence and resources industries. This majority stake acquisition has taken effect from today, i.e. 2nd February 2021. The amount paid as consideration for the acquisition has not been disclosed yet by either of the parties involved.
Noetic CEO Andrew Balmaks and Director Peter Murphy who are also co-founders of Noetic will work together on strategy for partnership collaboration with the CEOs of the other subsidiaries.
FTS Group CEO on the Deal
FTS CEO, Stephen Kowal says that through this deal, FTS will be able to use Noetic’s knowledge and capabilities across its customer base. This majority stake acquisition is a crucial step in its expansion strategy and successfully aligns with its vision to build a leading end-to-end IT services company. When acquiring companies, it is imperative for the strategy of FTS that they bring in players that leverage IP, have reach into specific industries and provide complementary services, Noetic ticks all these boxes (and much more) and is the perfect fit for the Group.
It will enable FTS to further boost its growth and offer its clients a wider breadth of services by harnessing a varied and robust set of capability within the Group, says Kowal. It is important for FTS to join a Group who it felt would be able to enable itself to retain its unique value while also bolstering its capability.
FTS Group – a Canberra-based IT service provider
FTS Group is an IT services provider in Sydney that has over 400 people working across Australia. Claiming to be one of the largest privately-owned IT companies in the country, FTS Group helps both private and public sector organizations grow by delivering technology and business outcomes. The Group offers client scale deep capability, market reach and strong management processes customers look for in a business. FTS has expertise in offering change management, training and recruitment, digital transformation services, software development, data and Artificial Intelligence, enterprise application integration and managed IT services.
Noetic Group joins other service businesses under FTS’s umbrella – Cubic Consulting, ANATAS, FTS Data & AI, KoBold, Galaxy 42, Veritec and Safety Evolved.
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Image Courtesy: FTS Group