AGC Networks buys Australia, New Zealand communications technology firm Pyrios
Photo Credit:

Essar group company AGC Networks Ltd has acquired Pyrios, an Australia- and New Zealand-based communications technology firm that provides customer engagement and workplace collaboration solutions.

Mumbai-based AGC said in a statement it acquired Pyrios Pty Ltd (Australia) and Pyrios Ltd (New Zealand) through indirect subsidiaries Black Box Networks Services Australia Pty Ltd and Black Box Networks Services New Zealand Ltd.

The acquisition was originally announced in June. At the time, AGC said Black Box Australia would pay US$800,000 (around Rs 5.99 crore) for fully acquiring Pyrios Australia.

Black Box New Zealand would pay US$1.95 million (around Rs 14.60 crore) for Pyrios’ local arm. It would pay US$700,000 at the time of closing the acquisition, US$750,000 after six months and the remaining after 18 months.

AGC Networks said the move will strengthen its presence and offerings in Australia and New Zealand. The acquisition will also enhance its portfolio of solutions in the unified communications and contact centre spaces.

Pyrios’ service offerings include integration and support services, customer experience management, workforce optimisation, unified communication and collaboration, and reporting and analytics. The company’s Australian and New Zealand units reported a combined turnover of $11.03 million for the year ended March 2019.

“Our pursuit is to remain the customer’s trusted partner in providing technology solutions and services and this combination of Pyrios and AGC/Black Box will strengthen our relationship and relevance with our combined customers in the region,” AGC Networks executive director and chief executive officer Sanjeev Verma said.

Days before announcing the Pyrios deal in June, AGC had also said that it was set to acquire the Dubai-based Fujisoft group of companies to expand and increase presence and offerings in West Asia and Africa.

The company entered into an agreement to acquire Fujisoft Technology LLC, along with its associated companies in the United Arab Emirates, for 9.8 million dirham (around US$2.6 million).

Shares of AGC Networks ended 0.65% down at Rs 323 apiece on Friday. The company reported consolidated net sales of Rs 4,993.92 crore for the financial year ended March 2020.

Leave Your Comment(s)