Fuji Xerox subsidiary Fuji Xerox Asia Pacific Pte Ltd has completed a $140 million acquisition of Melbourne-based IT services provider CSG Limited.
The Scheme of Arrangement was approved by the Australian Securities Exchange on Wednesday and opens the door for Fuji Xerox to diversify into the small to medium business market beyond its traditional roots in the larger corporate sector.
The approval rounds out months of negotiations between the tech giant, which is now a fully owned subsidiary of Fujifilm, and CSG which has nearly 10,000 small to medium sized business clients across Australia and New Zealand.
In February, a majority of CSG shareholders supported the acquisition with 88.89 per cent of them voting in favour of the move.
The approval means CSG, with its headquarters in Melbourne, will now come under the ownership of Fuji Xerox Asia Pacific. The acquisition opens the way for Fuji Xerox to expand into the small to medium sized business markets by harnessing the synergies between the two companies to supply office printing equipment and IT services.
CSG will continue to operate under the same name post acquisition.
Ken Sugiyama – the corporate vice president responsible for Australia/New Zealand regional operations at Fuji Xerox – has been appointed as CSG’s new managing director.
“CSG has a strong 30-year history of working closely with local SMB customers in providing attentive sales and support in Australia and New Zealand,” Sugiyama said in a statement.
“CSG will hereon be able to provide those customers with innovative products and IT services owned by Fuji Xerox such as optimising the entire business operation processes. We look forward to the opportunity to help our customers resolve their business challenges and their businesses grow further.”
CSG was formed in 1988 and has over 650 employees across Australia and New Zealand.
Comment below to have your say on this story.
If you have a news story or tip-off, get in touch at [email protected]
Sign up to the Sprinter newsletter