Amaysim has purchased OVO Mobile's 77,000-strong customer base for a maximum payment of AU$15.8 million.
Both virtual network operators are on the Optus network, with over 74,000 of OVO's users being recurring subscribers.
With the deal, Amaysim said its total customer base was now 1.17 million, of which 821,000 were recurring customers.
In a slim first half, Amaysim saw its earnings get more than halved while adding 41,000 extra accounts from Jeenee.
"Having completed the integration of Jeenee Mobile in less than three months, we have the skills and experience to accomplish an efficient and successful migration and we look forward to welcoming OVO customers to the Amaysim family," CEO and managing director Peter O'Connell said.
"Under our asset-light operating structure, we are able to scale the subscriber base with no, or nominal, additional resources, delivering positive future earnings from the acquired base."
Amaysim expects the deal to add to earnings in the 2021 fiscal year, with further earnings improvements to occur the year after.
The virtual telco reaffirmed that it would hit its yearly guidance of underlying earnings before interest, tax, depreciation, and amortisation sitting within a range of AU$33 million and AU$39 million.