Diverger buys tech business to support advice and accounting firms

Oksana Patron

17 January 2023

Diverger has acquired a 100% equity interest in Priority Networking Pty Ltd (PNET) which provides technology support services, including cyber protection, to around 130 businesses.

In the announcement made to the Australian Securities Exchange (ASX) Diverger said the move would help better support its network of 3,500 advice and accounting firms as PNET’s service model, team and track record servicing advice and accounting firms would enable Diverger to expand tech service it already provided to its client base into managing technology infrastructure and cyber protection advice and services.

The initial purchase consideration, funded by Diverger’s existing debt facility, was $2.25 million, with 80% settled on completion and remaining 20% to be settled after 12 months subject to PNET achieving EBITA performance targets.

Diverger said the acquisition was in line with its strategy to support services to advice and accounting firms, which would help them to scale and grow, and the move would support the company’s growth trajectory towards the FY25 growth targets.

According to the announcement, business principals Greg Gardiner and Jacques Louw would remain in the business and would be supported by Diverger’s team.