The Spirit Technology Solutions Ltd (ASX: ST1) share price is up this morning, after news of the company’s biggest acquisition to date. The telecom company has acquired software company Nextgen, saying it expected the acquisition to generate $36 million of revenue.
At the time of writing, the Spirit share price is up 5.7%, trading at 37 cents.
Let’s look closer at Spirit’s new acquisition.
Acquisition of Nextgen
Spirit ended a two-day trading halt this morning with news of its latest acquisition.
According to the company’s release, its purchase of Nextgen has doubled its business to business (B2B) customer base and brought 100 new salespeople to Spirit. Those salespeople will continue to sell Nextgen products while cross-selling Spirit’s internet, cloud, voice, mobiles and cybersecurity products.