DWS has entered into an agreement to acquire certain assets of the software services and products business operated by Object Consulting, currently under external administration.
Object Consulting was registered with the Australian Securities and Investments Commission (ASIC) in December 1988.
In August, Joseph Hayes and Andrew McCabe of Wexted Advisors were appointed administrators to the company and other related entities.
The Sydney-headquartered IT consultancy had also an office in Melbourne and counted on New South Wales Registry of Births Deaths and Marriages (BDM), Sustainability Victoria and Maia Technology as some of its customers.
Publicly-listed DWS will acquire the businesses' assets for $4.3 million.
The contract will see DWS acquire Object Consulting’s rights and obligations under current customer contracts, various plant and equipment as well as software products and intellectual property used to provide services to customer contracts.
The acquisition is expected to be concluded on 2 October and it is subject to verification of software products being acquired and acceptance of offers of employment by certain key employees as well as an agreed threshold acceptance rate from other employees.
"The acquisition of the business and assets of Object Consulting is consistent with DWS Limited’s strategy of diversifying earnings and increases our exposure to State Governments," CEO Danny Wallis said.
"We are e specially pleased to be able to offer employment to the majority of the Object Consulting employees in what has been an uncertain time for them and to welcome them to the DWS Group.
Wallis added that DWS "looks forward" to provide rewarding careers to Object Consulting's staff.