In a bid to bolster its professional services offerings, telecommunications giant Telstra has announced the acquisition of Melbourne-based cloud technology consulting firm Versent for a hefty $267.5 million. This move further strengthens Telstra’s Telstra Purple, its consulting and professional services branch introduced in 2019.
Versent, established in 2014, has rapidly grown and now boasts more than 500 employees in offices spanning Australia, Singapore, and the US.
Notably, all these employees will remain with the company, as confirmed by a Versent spokesperson. The firm specializes in technology consultancy with a particular emphasis on cloud-based services, along with expertise in security, data, digital solutions, and identity.
According to David Burns, Telstra Enterprise Group Executive, “Versent will bring additional depth to our strong team of experts, help our enterprise customers maximize their investment in cloud-led transformations, and help us meet the growing demand for these specialized services”. He further pointed out the significant synergies between Versent and Telstra Purple in terms of their customer base, strategic partnerships, organizational culture, and problem-solving approaches with technology solutions.
One key aspect of this acquisition is the international presence that Versent brings, particularly in South-East Asia. This presents an opportunity to enhance the sales of international and Australia-based digital transformation services.
Versent reported a net revenue of $130 million in the last financial year, with a notable 17 percent compound annual growth rate from 2020 to 2023. The company’s ownership is distributed among its founders, investors, and employees.
Paul Miglorini, the CEO of Versent, highlighted that the acquisition would enable their team to collaborate with customers on a larger scale. He emphasized Versent’s dedication to providing deep technical expertise, trusted partnerships, and a commitment to customer success.
The deal signifies Telstra’s continued expansion into the tech services arena. As David Burns mentioned, “We’re excited by the growth potential this acquisition provides – it will further differentiate Telstra in the market and bolster our capabilities so that we can be the end-to-end technology partner our customers need now and in the future”.
This acquisition follows Telstra’s purchases of Internet of Things-focused company Alliance Automation and tech and telecommunications infrastructure solutions provider Aqura Technologies at the start of the previous year. The Versent acquisition is expected to conclude within the next six weeks.
