SIS subsidiary to acquire 85% shareholding in SDS for AUD 5 million

SIS on Thursday announced that its subsidiary, SIS Australia Group Pty has signed share purchase agreement for acquisition of 85% shareholding in Safety Direct Solutions Pty for a cash consideration of AUD 5 million.

Safety Direct Solutions Pty (SDS) is a leading provider of critical risk, medical, training and security services to bluechip organisations across Australia. For the financial year ended 30 June 2022, the company's revenue stood at AUD 23 million.

The total cost of acquisition is AUD 5 million for acquiring 85% shareholding of SDS. The company will complete the acquisition on or before 30 September 2022.

The company said that this acquisition will make SIS Group Australia's largest Emergency Services provider.

SIS offers a wide range of services comprising security services, cash logistics services and electronic security and home alarm monitoring and response, as well as facility management services.

The firm's consolidated net profit surged 39.2% to Rs 82.43 crore on 12.6% rise in net sales to Rs 2,678.18 crore in Q1 FY23 over Q1 FY22.

Share of SIS were up 0.49% to Rs 457.30 on the BSE.

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