Matthew Sullivan has been appointed as the new managing director of Cirrus Networks. Mr Sullivan has been a non-executive director of Cirrus since November 2014.
Cirrus Networks has announced non-executive director and IT entrepreneur Matt Sullivan will transition to the role of managing director at the company's next general meeting.
Recently-listed IT company Cirrus Networks has bought Amcom L7 Solutions for a knock-down price of $500,000, four years after current Cirrus directors Andrew Milner and Matthew Sullivan sold the business for $15 million.
SPECIAL REPORT: Two years on, the surge in ASX backdoor listings shows little sign of slowing, helping innovative technology businesses in Perth, interstate and overseas to raise capital.
The market appetite for backdoor listings of tech stocks continues unabated, with Magnolia Resources securing $7 million in funding commitments and Potash Minerals becoming the fifth exploration company from Western Australia to head down the tech path this month.
Perth-based biotech company ResApp Health had a steady first day of trade on the ASX today, after being acquired by Narhex Life Sciences in an $11 million backdoor listing.
A Subiaco-based piping company led by businessman Andrew Haythorpe has announced plans to buy a New Zealand tech company, in a backdoor listing worth about $5.5 million.
Liberty Resources is ticking the remaining boxes on its list of requirements to be met for its proposed acquisition of Cirrus Networks, with an independent expert giving the transaction its stamp of approval today, ahead of a shareholders meeting next month.
A surge in the number of backdoor listings was one of the few positives on the stock market in 2014, and two new deals for technology companies show there is more to come.
Liberty Resources is set to proceed with its move into the IT sector, through the acquisition of Cirrus Networks, after taking the extraordinary step of having a board spill to hasten the removal of two directors.
L7 Solutions co-founders Andrew Milner and Matthew Sullivan have joined the board of Perth-based IT firm Cirrus Networks, while Liberty Resources continues due diligence on its reverse takeover of the business.
Liberty Resources has announced its intention to exit the mining industry by entering into an option agreement to acquire local IT firm Cirrus Networks for an undisclosed amount.
