The Board of Azure Healthcare Limited (ASX:AZV) is pleased to announce that it has completed an agreement to acquire the assets of Sedco Communications Pty Ltd – Receivers and Managers appointed (Sedco). The purchase of Sedco is effective from 12th December 2012.
Sedco was established over 40 years ago and is one of Australia’s largest providers of Australian owned, designed and manufactured products to the healthcare industry. Over this period, Sedco has become a trusted provider of healthcare and hospital communication platforms, nurse call systems, operating systems and services focused entirely on serving the needs of healthcare organisations.
Sedco has a broad customer base with significant market penetration with hospitals, aged care facilities and other healthcare providers nationwide.
The acquisition of Sedco will be supported by Azure’s wholly owned subsidiary Austco Communications and will assist in supporting Sedco’s 2000+ Australian installed sites for future sales and service requirements. Austco Communications has employed a number of Sedco’s employees, who together with Austco’s employees and Australia wide reseller network, will assist with servicing the existing and future requirements for Sedco’s customers.
The consideration terms of the sale are not considered to be material to the operating revenues or assets of the Azure Group. Further the consideration is commercial in confidence as per the requirements of the sale agreement and will be funded entirely from Azure’s existing internal cashflows.