Australia's Telstra buys Blue Sky-backed Readify

Financial terms of the transaction were not disclosed. Blue Sky acquired its controlling position in the company in 2013 with a $16 million investment and a commitment to spend a further $10 million on expansion efforts.

"It's been great working alongside Readify for the last few years," Nick Miller, investment director at Blue Sky, said in a statement. "We are proud to have helped the company grow, which in turn has paid off for our investors."

Founded in 2002, Readify is a Microsoft partner that offers custom software development, deployment and consulting as well as managed services in smart cloud, big data and internet-of-things technologies. According to Blue Sky, it has experienced double-digit organic revenue growth every year since the firm's initial investment. Recent inorganic growth has been achieved through the acquisition of branding agency Folk and analytics firm Huegin Consulting.

The transaction represents an extension of Telstra's efforts to expand its digital product offering to enterprise customers, following closely on the acquisition of another Australian cloud computing company, Kloud, for what is understood to be A$40 million ($30 million).

Blue Sky Private Equity is a division of Blue Sky Alternative Investments, which claims assets under management exceeding A$2 billion.

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• Topics
• Australasia
• Technology
• Trade sale
• Australia
• Blue Sky Private Equity
• Exit
• TMT