Diversified Australian Company, Hills Holdings Limited today announced it had reached agreement to buy Lan1.
Lan1 is a leading solutions provider of IP Storage, IP Networking, IP Security and IP CCTV and access control.
“In
recent years the businesses in our Electronics & Communications
Division have all been experiencing the transition from analogue
technology to digital technology,” said Hills chief executive officer,
Graham Twartz. “Access to
products and services in support of IP and networking applications is
important for the future development of our businesses.”
Twartz
noted “This acquisition demonstrates a further step in Hills strategic
direction to invest in emerging and growing technologies to complement
our market leading position in Electronics & Communications
markets.”
Lan1
is expected to turnover in excess of $30M in financial year 2013 and
provides engineering support, training, assistance with design and
configuration and implementation of IP products.
Lan1
is based in Sydney with operations in key states. It is Hills intention
to run Lan1 as a stand-alone entity while leveraging its product range
and network expertise to other Electronics &Communications
businesses.
Lan1 CEO Daniel Lee said Lan1 was delighted to be joining the Hills team.
“Having
Hills support and infrastructure provides us a platform to enable
significant growth,” Lee said. “Our technology offerings integrate
extremely well into the Hills Electronics & Communications group and
we look forward to working closely with them”.
The transaction is subject to a number of pre conditions and is expected to settle in October 2012.
