Written by: Viraj Mehta
Swift Networks which is a Perth based telecommunications and managed IT services provider has bought video-on-demand services provider VOD.
In lieu of these acquisition efforts, Swift will pay $5.1 million in cash and 3.6 million of its shares to acquire VOD and also its parent company, Movie Source.
VOD which is based in Sydney provides video services to more than 26,000 accomodation rooms in Australia, New Zealand and the South Pacific islands.
Swift also released a number of benefits from the acquisition. In addition to $3.75 million in annual revenue in the 2017 financial year.
According to Swift’s chief executive, Xavier Kris, VOD’s business would be merged into Swift in an effort to expand it’s service offering to include accomodation providers across Australia.