Orcoda Limited (ASX: ODA) the transport logistics and transport services optimisation company is pleased to announce that it has now completed settlement on the acquisition of 100% of the shares in Betta Group of Companies Qld Pty Ltd (BGC) for $5 million. The acquisition of Betta and the collaboration between the companies will add significant value and efficiency to the combined BGC / Orcoda business and has the potential to increase revenue and profitability.
Geoff Jamieson Orcoda Managing Director commented: “The Betta Group acquisition is another milestone in our strategy to create a diversified transport logistics and services business based on expertise and technology.
Betta is a long-standing transport services business specialising in road, rail & air infrastructure power services, and also services Oil & Gas and Mining projects. Betta Power Services is the main business, with the focus of the company predominantly on transport infrastructure related projects in Rail, Road and Air for likes of Aurizon, Ergon Energy, Queensland Rail, PowerLink, QBuild, Australian Defence Force and the Bowen Basin Mining Industry.
Betta is exposed to growing infrastructure markets in Central Queensland – which is likely to realise further growth with significant government stimulus to occur in major infrastructure (declared ‘essential services’). Betta is also fully licensed in asbestos demolition which is required in many projects and runs a small business in Rockhampton under franchise called Hydrokleen.
Betta Group founder and Managing Director, Geoff Williams, said: “The majority of Betta’s contracts are remote and will benefit from Orcoda’s software, contracting and management expertise in managing our workforce and our assets (vehicles, plant & equipment). The acquisition of Betta and the collaboration between the companies will add significant value and efficiency to the BCG business and has the potential to also enhance profitability. Multiple major infrastructure projects are pending across Road, Rail & Air in Central Queensland, and with Orcoda and Betta working together, we will be well positioned to win a lot of the work on these projects”.
Geoff Jamieson Orcoda Managing Director commented: “The Betta Group acquisition is another milestone in our strategy to create a diversified transport logistics and services business based on expertise and technology. The Betta acquisition will take Orcoda from $2-3 million in annual revenue to more than $10 million estimated annual revenue subject to deal flow continuing as anticipated. It is our intention to continue to grow shareholder wealth through both internal growth and synergistic acquisitions that fit within our strategy”.