Comms Group Limited (ASX:CCG) entered into an agreement to acquire Switched On Australia for AUD 4.3 million on August 10, 2021. Under the terms, AUD 3.65 million Upfront cash consideration will be paid from existing cash reserve and deferred consideration of up to AUD 0.65 million to be paid 12 months following completion, subject to an adjustment based on revenue achieved over the next 12 months. Post completion, All Switched On staff including Leigh Schwarm to continue as employees of Comms Group.

The acquisition of Switched On adds over 900 customers and two additional sales staff to Comms Group. Transaction completion is expected prior to the end of August 2021 with integration expected to be completed in FY22. Henslow acted as Corporate Advisor to Comms Group.