Amaysim Pursues Growth With Vaya Acquisition
Amaysim has acquired Brisbane-based mobile virtual network operator Vaya in a deal worth $70 million in total.
Amaysim states the acquisition advances its growth through a dual-brand strategy with access to multiple market segments, increasing scale and driving operational leverage, with Amaysim intending to operate the Vaya and Amaysim brands separately.
The acquisition, which has an enterprise value of $70 million, will see $5 million paid in cash to Vaya vendors on completion and $15 million of Amaysim shares issued to Vaya’s vendors over a period of 12 months, while Amaysim will assume $50 million of liabilities to Optus, payable over two years.
Amaysim chief executive officer Julian Ogrin stated Vaya “presents an attractive and financially compelling opportunity” for Amaysim to advance its strategy for profitable growth.
“The transaction will build on Amaysim’s position in a consolidating market, enhance the company’s scale and leverage its online platform,” Ogrin commented.
Founded in 2011, Vaya has 40 employees, including Brisbane-based employees and a customer service centre in the Philippines. Vaya also has an outsourced service centre in India, which Amaysim states “will continue in the short-to-medium term under a transitional arrangement”.
Amaysim stated it sees the Philippines service centre “as a great opportunity to create an overflow capacity for Amaysim and to fast-track our platform, web and app development”.
“Vaya’s online-only, strong market offering in the sub-$20 market segment complements Amaysim’s ‘customer champion’ position and creates greater scale to our online-driven platform and operating network,” Ogrin stated.
“I am very happy that the acquisition will present immediate value for Amaysim shareholders. This is a rare opportunity to significantly grow our number of subscribers on the same network and in a complementary market segment.”