Black Box acquires Dragonfly Technologies in Australia; Stock trades lower

14 Feb 2022 , 11:53 AM

Black Box Limited (formerly AGC Networks Limited), a IT solutions provider on Saturday announced that it has completed the acquisition of Dragonfly Technologies through its indirect wholly-owned subsidiary — Black Box Technologies Australia Pty Ltd.

Dragonfly is Australia’s leading cyber security, enterprise networking, and automation-focused technology provider. With deep expertise and an enviable reputation as a pioneer, it is a trusted advisor to many well-known and recognized brands in the region.

The acquisition will help strengthen our presence in the Trans-Tasman region and further enhance our cyber security, enterprise networking, automation & consulting capabilities to offer a wide range of services to our customers globally. This also gives an opportunity to cross sell between current customers of Black Box and Dragonfly Technologies.

At around 11.56 am, Black Box Ltd was trading at Rs816.40 per piece down by Rs11.4 or 1.38% from its previous closing of Rs827.80 per piece on the BSE.

“We are excited to welcome Dragonfly team members as part of the Black Box family,” said Sanjeev Verma, Executive Director of Black Box Limited and President and CEO of Black Box Corporation.

“This acquisition is aligned with our goal to secure, connect and automate our customers’ organization and deliver business outcomes. In our pursuit to remain the customer’s trusted partner in providing technology solutions and services, the combination of Dragonfly and Black Box will strengthen our relationship and relevance with our combined customers both in the region and globally.” Verma continued.

Branko Ninkovic, Aatef Khayat and Costa Athanassiou, Executive Team, Dragonfly Technologies commented, “The acquisition will help create value for both Black Box and Dragonfly customers. Our expertise in the Cyber security and Enterprise Networking business in Australia combined with Black Box’s global presence and scale will enable us to enhance and accelerate our cloud security, network and automation services offerings.

Deepak Kumar Bansal, Chief Financial Officer, Black Box said, “The combination of Dragonfly and Black Box will surely enable customers to garner the cross leverage across Black Box solution offerings and the customer services support base in the ANZ region.”

Rohit Himatsingka, Senior Vice President & Head Corporate Development & Strategy, Black Box said “Delivering a seamless experience is at the core of Black Box and enabled through operational efficiencies for the customer’s IT landscape. The on boarding of Dragonfly by Black Box is a step in continuing to offer the best technology solutions and services in the various markets that we operate in.”