Freightways Limited (Freightways) has grown its presence in the Australian information management market with the purchase of LitSupport Pty Ltd.
LitSupport has been acquired by Freightways’ subsidiary, The Information Management Group Pty Ltd (TIMG).
Managing director Dean Bracewell says the acquisition is consistent with Freightways’ strategy to develop growth opportunities that complement existing capabilities.
LitSupport provides electronic and physical evidence management services to the legal industry from a network of offices in Sydney, Melbourne, Brisbane and Perth.
LitSupport’s suite of services complements those of TIMG and positions it higher on the service chain of the legal industry as well as for government and corporate Australia. The acquisition is effective immediately.
The purchase price for LitSupport includes an initial payment of AUD $17.1 million and a potential earn-out payment of up to AUD $12.9 million based on its FY2017 financial performance.
It is expected that in its first 12 months of Freightways’ ownership, LitSupport will generate revenue of AUD $17 million and earnings (operating profit) before interest, tax, depreciation and amortisation (EBITDA) of AUD $3.8 million.
