28/06/2017 - 14:04

Veris buys east coast surveying business

28/06/2017 - 14:04

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Diversified company Veris has further expanded its national surveying division through the acquisition of Canberra-based LANDdata Surveys for up to $4.8 million in cash.

Veris buys east coast surveying business
Adam Lamond says the acquisition is an important step in the progression of Veris's national surveying strategy.

Diversified company Veris has further expanded its national surveying division through the acquisition of Canberra-based LANDdata Surveys for up to $4.8 million in cash.

Perth-based Veris, which formerly went by the name of Otoc, will pay an initial $3.8 million plus a further $1 million subject to performance achievements to acquire the target.

LANDdata is based in Canberra but also has operations in NSW.

The acquisition marks Veris’s entry into the ACT market.

LANDdata was established in 2006 and is led by managing partner David Sloan who, along with its other partners, will join Veris as part of the acquisition.

The purchase price represents a 3.8 times EBITDA multiple.

“The acquisition of LANDdata is an important step in the progression of our national surveying strategy and strategic plan to develop a strong presence on the east coast,” Veris managing director Adam Lamond said.

“As the leading surveying consultancy in the ACT, LANDdata provides Veris with a strong local presence and opportunity to generate national infrastructure work from government agencies in Canberra.

“In addition, LANDdata’s presence in Western Sydney will enhance Veris’s exposure to this growth market, which is benefiting from strong property demand and recently announced government spending on large public infrastructure projects such as the Melbourne-Brisbane rail project and the new Sydney airport at Badgerys Creek.

“I am very pleased to welcome the partners and employees of LANDdata to Veris and look forward to supporting them to achieve their growth plans and strong and ongoing commitment to the ACT market.”

Veris shares were 7.1 per cent higher to 15 cents each at the close of trade.

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