…. completion of the acquisition of the assets of Gemtek Group Pty Ltd, https://gemtek.com.au/. The acquisition provides IPD with a complete, end-to-end solution in the fast-growing electric vehicle charger market.
Gemtek is a turn-key energy management and EV solutions provider, with over 15 years of design, project management and infrastructure maintenance experience. Based in Perth, Gemtek’s partners and customers include Development WA, Public Transport Authority of Western Australia, WALGA members and the major utility providers to WA.
Gemtek achieved $1.3m of revenues and breakeven earnings in FY21. The acquisition price, which was less than $500,000 with no additional earn out, was fully paid at completion of the acquisition on 04 April 2022. The assets of Gemtek comprise of Gemtek’s business name, domain name, customer list, jobs in progress, open customer quotes of approximately $14.3m and intellectual property owned by Gemtek in the EV charger market.
The Group is now able to provide a complete, end-to-end solution to EV charger customers including design, hardware, electrical infrastructure, installation, network management and maintenance solutions. The Group is one of a limited number that can provide this full suite of services in Australia.
IPD’s CEO, Michael Sainsbury, said he was very pleased with the Gemtek acquisition and the future growth prospects that it provides for IPD:
