M&A Deals are not on holidays in the B2B services sectors!

2. PWC in talks to sell Australian restructuring business to Teneo

After offloading its public sector and Indigenous consulting divisions, professional services firm PwC is now looking to sell its Australian insolvency practice, with global player Teneo which has a global headcount in excess of 1,600 professionals but a limited footprint in Australia. Teneo’s global restructuring practice was originally launched on the back of its acquisition of Deloitte’s business in the UK in 2021, a move it looks set to be repeating in Australia, with the likes of Alvarez & Marsal’s rapid march on local soil likely providing plenty of inspiration. Teneo originally set up shop in Sydney in 2018, but is yet to have established a prominent presence.

3. Global engineering firm Ricardo buys infrastructure consultancy E3 Advisory

Established in 2014, E3 Advisory boasts a headcount in excess of 100 professionals based out of offices in Brisbane, Sydney, Melbourne and Perth, who serve government clients and those in the critical infrastructure sectors. Listed on the London Stock Exchange and tracing its heritage back more than a century, Ricardo meanwhile has a workforce of 3,000-plus advisers and technicians across four continents generating revenues pushing the £500 million mark. Employee-owned, E3 has been led by founding member and managing principal Sutina Tsang since 2022 alongside a team of approximately two dozen fellow principals. The ~$100 million deal, which coincides with Ricardo selling off its defence business, sees the engineering group acquire an initial 85 percent of the company, with the remainder expected to be picked up by the beginning of 2028.

4. Orbus Software acquires Capsifi for platform boost

London-based Orbus Software has acquired Sydney-headquartered software vendor Capsifi to improve its enterprise transformation platform OrbusInfinity. The deal is expected to see Orbus integrate Capsifi’s business architecture capability into the platform, which can generate a ‘digital blueprint’ of organisations. ARN understands that there will be some roles that will be duplicated as a result of the acquisition. Capsifi’s acquisition also provides a foundation of what Orbus refers to a digital twin of the organisation platform, which will combine enterprise architecture models with live business performance and operational data to create a real-time model of a business. Additionally, Orbus claimed both vendors also share a joint focus on R&D investment into AI.

5. Evergreen extends acquisition blitz with CT Group deal

US-based Evergreen Services Group has made its eighth acquisition in Australia by picking up ICT consultancy firm CT Group. Under the deal, the Perth-based firm will continue in a decentralised model and be managed by Lyra Technology Group. Additionally, all leadership and employees will transition to the new ownership, as ARN understands the business will be preserved as-is. Evergreen’s first acquisition in Australia took place in March this year for Canberra-based managed services provider (MSP) Centrered.

6. Efex acquires medical IT solutions provider Medihost Solutions

Medihost was established in 2006 by Phillip Morgan and has 300 clients, including private practices and allied health clients in Australia and New Zealand. Medihost will continue to operate under its existing brand and will retain its existing team. Morgan will “remain available in an advisory role to ensure a seamless transition and integration of the two businesses.” The acquisition “significantly expands” efex’s footprint and aligns with its strategy to target professional services, education, healthcare, mining and remote services, and to provide comprehensive managed services to midmarket businesses, it stated. Efex was established in 2013 by CEO Nick Sheehan and boasts 7,000 customers and 22 locations. In 2024 it acquired Adelaide-based Aish IT, Canberra-based Wyscom, and Geelong-based Worldmark Corporate Consulting

7. EMM Consulting Pty Ltd is pleased to announce Quadrant’s Strategic Equity Fund as a minority investor

Founded in 2010, EMM has successfully grown to be a leading multidisciplinary environmental and advisory consultancy operating across Australia and Canada. Quadrant’s investment and partnership will bolster EMM’s ongoing expansion and enable the company to accelerate opportunities to broaden our services and geographical reach, benefiting both clients and employees. EMM will continue under the leadership of CEO Liz Webb and the current Executive Leadership team. Quadrant is a leading Australian investment firm dedicated to building strong, sustainable businesses that drive growth and create value. Their approach focuses on forging meaningful partnerships with like-minded organisations to develop clear business strategies and long-term goals, delivering benefits to all stakeholders. Quadrant’s Marcus Darville and Victor Ha will join the EMM board.

8. We Are Phoenix has joined Assembled Group

As an emerging powerhouse in experiential marketing, We Are Phoenix delivers services for their clients that incorporate brand experience, activation, outdoor events, and conferences, as well as all ancillary activities to bring those events to life. The ability to orchestrate activations and experiences on the scale that Phoenix does, adds a dynamic dimension to the Assembled Group’s capabilities, complimenting the work of their other agencies. We Are Phoenix has risen swiftly to prominence since Amber Coupe started the business in 2015, with her partner Ben Coupe, recently stepping into the role of CEO. The vision of Phoenix is to be the national leader in the delivery of premium events and brand experiences. They are highly regarded for the work they have delivered for leading brands including Ford, Afterpay, Michelin and Australia Post.

9. Attura delivers on buyout promise with third recent acquisition, snapping up ComActivity

Sydney-based advisory and technology solutions provider Atturra is quickly delivering on promises made to shareholders, announcing today that the group will acquire local IT firm ComActivity for $9 million – marking the company’s third buyout in a matter of weeks. The latest deal will see ComActivity snatched up for $9 million in cash, with an additional $5.5 million on the table subject to the company meeting performance targets based on audited EBITDA targets for FY25 and FY26. Founded in 2005 by Jason Levick and Mats Gunnarsson, Sydney-based ComActivity offers end-to-end supply chain technology solutions, system integration and digital transformation services for logistics companies. ComActivity has worked on hundreds of successful projects involving Infor ERP – a software platform that allows businesses to manage key operations like finance, supply chains and manufacturing. Post-acquisition, Atturra will absorb around 40 staff spread across Australia and New Zealand.

10. AC3 announces acquisition of JDS

AC3, a leading secure cloud services provider in Australian and New Zealand is excited to announce its acquisition of JDS. AC3 plans to integrate JDS’s services into its existing portfolio, enhancing the overall value proposition for customers. The transition is effective immediately. The acquisition demonstrates AC3’s continued commitment to increasing the value they provide to their customers across Australian and New Zealand. By integrating JDS’s expertise, AC3 significantly broadens and deepens the range of services available to its customers.

11. Attura’s subsidiary Cirrus Networks Holdings has exchanged a share sale agreement to acquire NZ’s Plan B

Atturra subsidiary Cirrus Networks Holdings has exchanged a share sale agreement to acquire Plan B, a New Zealand cloud, network connectivity, data centre and managed services provider. The upfront consideration is AUD$19.43 million in cash with an earn-out/post-completion consideration of up to AUD$4.09 million in cash subject to Plan B achieving performance hurdles based on audited EBITDA targets for FY25. The transaction is expected to be completed on or around 2 December 2024. Plan B owns and operates a national network of five primary data centre on New Zealand’s North and South Islands. These data centres are interconnected through a high-speed network backbone, with the core network private and dedicated to Plan B customers.

12. Banyan Software announces acquisition of Fedelta

Banyan Software, a leading acquirer and permanent home for growing software businesses is pleased to announce the acquisition of Fedelta, an enterprise point-of-sale (POS) platform tailored for the hospitality and retail industries. Founded in 2003 and based in Queensland, Australia, Fedelta has established itself as a trusted partner for hospitality venues requiring scalable and feature-rich POS solutions. The company’s offerings include a comprehensive suite of intelligent modules covering POS, back-office support, customer loyalty programs, stock control, kitchen monitoring, and business intelligence. Fedelta’s integrated solutions help businesses streamline operations, enhance customer experiences, and drive growth.