Australian information technology services company Cirrus Networks is tasking its new chairman, former iiNet director Andrew Milner, to help drive its east coast expansion as it prepares to list publicly via a reverse takeover on the Australian Securities Exchange (ASX).
The IT solutions integrator company announced Milner's new position on November 26, along with the appointment of former L7 Solutions co-founder Matthew Sullivan as a non-executive director.
Cirrus Networks, based in Perth, said in a statement that Milner and Sullivan are expected to help "fast track" the company's growth plans as it puts the final details together on its reverse ASX listing with struggling publicly listed graphite mining, gas, and fertiliser company Liberty Resources.
"Milner is well respected in the industry and will add a great deal of strategic knowledge in business development and mergers and acquisitions to the business," said Cirrus Networks founder and CEO Frank Richmond. "His presence will add further credibility and influence to our capital-raising initiatives."
In September, app maker Applabs Technologies — also listed on the ASX — told investors in a statement (PDF) that its "investee company" Liberty Resources, of which it holds a 6.4 percent stake in, had agreed to wholly acquire Cirrus Networks in a deal that would effectively see the IT solutions company attain a backdoor listing on the ASX.
At the time, Applabs said that Cirrus Networks, which provides IT services for a number of large local organisations, including Argyle Diamonds, Western Australia Police, and LandCorp, had a sales pipeline of more than AU$22 million, and unaudited annual revenue of AU$5.9 million as at the end of June 2014.
Cirrus Networks currently claims to have had new contract wins of over AU$1 million in November alone, for customers including mining equipment rental and maintenance solutions provider Emeco.
Milner is no stranger to backdoor tech listings, with an acquisition agreement between cloud services provider CloudCentral and publicly listed vineyard ownership company Dromana Estate falling through in July, because the former iiNet executivefrom the agreement.
To date, CloudCentral is yet to list on the ASX, while Dromana Estate shares have plateaued at AU$0.002 each after taking a tumble to AU$0.001 following Milner's exit from the CloudCentral deal.