Oxygen acquires SAP consultancy firm Stream
SAP consultancy firm Oxygen Business Solutions has acquired Australian Stream Consulting Services & Technologies, hoping to accelerate existing strong organic growth.
Company CEO Stuart Dickinson, who replaced Mike T Smith in April this year, says Oxygen’s focus on growth is driven by SAP’s own forecast of doubling its revenues between 2010 and 2015.
The UXC owned company, founded in 2006, is a certified SAP services partner who will be taking on Stream’s 40 staff, based across Sydney, Melbourne, Brisbane and Perth.
“As a specialist SAP software and services company operating across Australia and New Zealand, Oxygen is investing in people and resources to ensure we have the breadth and depth, and the scale, that the rapidly growing SAP market requires,” Dickinson says.
“Stream’s customer satisfaction ratings are very high, as are customer and staff retention levels. The two businesses are highly complementary with no overlap in sales pipeline.“The addition of the Stream customer base will provide us with a significant increase in software support revenue.
“We will also benefit from new software sales revenue thanks to the addition of Stream’s successful SAP All-in-One sales and implementation capability.”
Stream has a strong market presence across Australia in both government and commercial accounts with a current annual revenue standing at approximately AU$10m.
“Stream and Oxygen have built strong Australian SAP brands by growing and retaining skilled staff,”” says Dawie Gerber, Stream managing director.
“By combining our complementary skills we will be able to provide an integrated capability with the breadth and depth of service that will appeal to SAP customers looking for a single Australian based supplier to meet all their SAP needs.”
The acquisition is conditional on mutual contractual requirements being met, however, with a completion expected by the end of August.