Wellington-based app developer Rabid Technologies, based in and operating across New Zealand, is expanding into the AU with the acquisition of a specialist web design and development agency that handles sites like https://www.cloudcartel.com.au/web-design/, Melbourne’s Square weave.
Rabid builds web and mobile organizations across NZ, with several major customers like the New Zealand Post, Pledge Me and Oranga Tamariki. Meanwhile, Square weaveis more focused on digital strategy, web development on sites like https://www.cloudcartel.com.au/web-design/ as well as consultancy, with clients like Yarra Valley Water, State Library of Victoria and easy ACCESS, among others.
According to Breccan McLeod-Lundy, CEO of Rabid, the company has worked overseas in the past, but this new acquisition means that Rabid will have a permanent home in the AU, and they can now utilize their experience on both sides of the Tasman.
The logistics of this acquisition will result in the adding of 10 staff from Squareweave into the Rabid team across the Tasman with the combined corporate entity now present with offices located in Auckland and Wellington in New Zealand, and Melbourne in the AU.
The acquisition, which hasn’t had it total value revealed, also covered the minority shareholding roles for the founders of Squareweave, Will Dayble and Luke Giuliani, who will continue to work in the company, remaining involved in its ‘strategic direction’.
According to Dayble, he and Breccan are well acquainted with each other. He adds that he believes that Breccan has built a stable tech company and that being taken under its wing will give Squareweave the scale needed to grow as well as handle bigger technical challenges faced by government and NPOs in Australia.
This buyout; the acquisition of Square weave, is the second Rabid has done within four years, the other one being the acquisition of Auckland-based Resistor back in 2015. McLeod-Lundy says that acquisitions, both on and offshore are definitely a part of Rabid’s long-term growth strategy, saying that he’d love to see such tactics employed by more NZ businesses, instead of selling out for the bach, the boat and the BMW.
In the NZ tech market, which amounts to about $16.2 billion of the country’s GDP, and at least 120,000 jobs in the country, Rabid managed to report a 300% year-on-year increased revenue.