Tempo to acquire Comsite

Diversified contractor Tempo Australia has announced it will acquire NSW-based telco services company Comsite Services in a deal worth up to $4 million.

The exact figure of the acquisition is subject to Comsite meeting unspecified performance targets over three years.

Established in 2007, the east coast-focused telecommunications maintenance company generates an estimated annual revenue of between $4 million and $5 million and is led by director David Deitch.

It operates across regional NSW, the Australian Capital Territory and southern Queenland.

Tempo Australia chief executive Ian Lynass said the acquisition would align with the low-risk activities of the construction company, which specialised in the mining, oil and gas industries.

“Comsite provides strong synergies with Tempo and will easily bolt on to the existing KP Electric maintenance business acquired last year,” he said.

“We expect to capture strong growth opportunities with this additional capability as the industry starts to roll out its 5G networks.”

Shares in Tempo were unchanged at 16 cents each at 2pm AEDT.