A fund managed by Blue Sky Private Equity has sold its majority share of technology services business Readify to Telstra for an undisclosed sum.
Readify’s management team will remain in place and it will be business as usual in terms of company operations.
Founded in 2002, Readify helps Australia’s biggest organisations manage and navigate shifts in technology, delivering custom application development, software deployment and IT consulting as well as managed services using smart cloud and Internet of Things technologies.
Blue Sky provided expansion capital in 2013 to allow the business to scale, form a strategic partnership with brand and user experience agency Folk and acquire a data analytics business in late 2015 to become Australia’s first development, design and data powerhouse.
Readify has seen double digit organic revenue growth per annum over the life of the investment and recently announced plans to establish an ‘IP Factory’ to capture and commercialise all the intellectual property it has created building solutions for clients over the last decade.
Blue Sky Private Equity investment director Nick Miller said the investment gave investors a chance to capitalise on fast evolving technology trends.
“It’s been great working alongside Readify for the last few years. We are proud to have helped the company grow, which in turn has paid off for our investors. We wish Graeme and the team all the best in this exciting new phase,” Mr Miller said.
Readify managing director Graeme Strange said the acquisition by Telstra was a huge vote of confidence.
“We’re excited by the opportunity to grow as part of Telstra. Readify has a proven record of creating innovative solutions with our customers and with Telstra’s scale, the opportunities are tremendously exciting,” Mr Strange said.
“It’s been great to have had Blue Sky’s partnership over the past few years, as they have supported our plans and acquisition activity. We now look forward to being an important part of Telstra’s innovative software and analytics offerings.”
Telstra executive director global enterprise and services, Michelle Bendschneider said the acquisition supports the company’s goal of curating market leading services with its customers.
“As we know, apps and software in general are playing an increasingly important role in businesses. Readify is recognised globally for its innovative software solutions and will further help us create software-led digital transformations with our customers,” Ms Bendschneider said.
Blue Sky Private Equity is a division of Blue Sky Alternative Investments (ASX: BLA).