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Peoplebank buys Gryphon

PERTH-BASED technology and telecommunications recruitment firm, Gryphon Consultants Pty Ltd, has been acquired by Sydney-based company Peoplebank Australia Ltd for $3.15 million. Gryphon managing director Tony Ciallella will remain with the company to ensure a smooth transition. Peoplebank said Gryphon has 14 staff and a roster of blue chip clients that complement its existing client base. Currently, Gryphon has about 100 on-hired IT professionals generating annual revenue of $10.5 million. Peoplebank managing director Leon Lau said the Gryphon acquisition filled a gap in the company’s national network, giving it a strong foothold in the booming WA economy and enabling it to extend the range of services it provides to clients. The consideration comprises $3.15 million with a further incentive payment for growth over the next 12 months. The Gryphon deal follows the much larger $191 million acquisition of Perth-based outsourced maintenance and labour hire services firm, Integrated Group Ltd, by Melbourne’s Programmed Maintenance Services Ltd. At a meeting earlier this month, Integrated shareholders voted in favour of the acquisition, which is being implemented by way of a scheme of arrangement.

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