A$30m sale of Aqura Technologies

February 2022

Veris Ltd has entered into a binding Share Sale Agreement with Telstra Purple, a wholly owned subsidiary of Telstra, to sell 100% of Veris’ wholly owned subsidiary, Aqura Technologies, for $30 million in cash.

Aqura Technologies is a specialist in the delivery of high-performance technology solutions across industrial wireless, enterprise communications and next-generation IoT which are critical for organisations with the adoption of digital transformation. Aqura is known for innovation, whether it is their technology approaches such as Private 4G and 5G LTE networks and or their commercial approaches which now offer in-house developed technology solutions via flexible As-A-Service models. Aqura’s markets include resources, oil & gas, industrial, commercial and defence sectors.

Telstra is an Australian telecommunications company which builds and operates telecommunications networks and markets voice, mobile, internet access, pay television and other products and services. It is a member of the S&P/ASX 20 and Australia's largest telecommunications company by market share with a market capitalisation of over A$45 billion.

The sale of Aqura to Telstra Purple represents a unique opportunity for Aqura and its staff to continue to accelerate the growth of Aqura’s proprietary technology solutions via access to Telstra’s sales and distribution channels across a range of geographies and industries, coupled with unrivalled balance sheet strength to underpin growth funding requirements.

The acquisition is expected to close on 28 February 2022.

Azure Capital acted as exclusive financial advisor to Veris Ltd.