SYDNEY: MTI Wireless Edge Ltd, a technology group focused on comprehensive communication and radio frequency solutions across multiple sectors, announced that its fully owned subsidiary, Mottech Water Solution Ltd, has entered into a share purchase agreement to acquire 50% of Parkland Australia, a value added reseller of Mottech’s solutions in Australia. [the_ad id=”31605″]The total consideration for the acquisition is up to AUD 0.8 million. The acquisition consideration is to be funded out of MTI’s existing cash resources.

“We are delighted with this earnings enhancing acquisition that will immediately contribute and will enable Mottech to step up the value-chain in the Australian market and provide wireless control solution and services” commented Mottech general manager, David Shani. “We expect the market for Mottech’s core water management services in Australia to expand and we look forward to further applying Mottech’s remote control and monitoring systems in the Australian market.”

MTI expects to be able to increase its recurring revenues from Parkland Australia’s operation following completion of the acquisition.

The vendor of Parkland Australia is Parkland Products Limited, a company incorporated under the laws of New Zealand which acts as Mottech value added reseller in New Zealand.

Under the terms of the Acquisition agreement both Mottech and Parkland Products Limited have options to acquire each other’s shareholding in Parkland Australia in certain circumstances.