Comms Group divests onPlatinum for $30M

• Comms Group entered into a binding share sale agreement to divest its IT managed services division, onPlatinum, to Thinkex Holdings for a total consideration of $30 million.
• The transaction includes an upfront cash payment of $28.5 million alongside $1.5 million held in escrow for twelve months, while the company's share price closed unchanged at $0.084 following the announcement.
• The divestment aligns with the company's renewed strategic framework to simplify operations and refocus management capital on its core global unified communications and cloud business segments.

Comms Group (ASX:CCG) executed an agreement to sell its IT managed services division, OnPlatinum, to Thinkex Holdings for a total consideration of $30 million to refocus its business on core cloud and global communication services.

The transaction price contrasts with the initial $12 million acquisition cost paid by the company to buy the division back in 2022.

"For Comms Group, the divestment releases capital, strengthens our balance sheet, and enables management to concentrate on our core cloud communications, unified communications and global telco growth strategy," said Comms Group CEO and Managing Director Peter McGrath.

The cash consideration includes an upfront payment of $28.5 million and a remaining $1.5 million held in escrow for twelve months subject to agreed conditions, with settlement anticipated to occur in the first quarter of the 2027 financial year.

Following the announcement, the Comms Group share price was unchanged at $0.084.

The company also upgraded its financial forecast, with the 2026 financial year revenue expected to land between $74 million and $75 million, and underlying earnings before interest, taxes, depreciation, and amortisation projected between $8 million and $8.5 million.

The business stated that the underlying earnings include approximately $500,000 in duplicated mainland network costs across its Next and TasmaNet businesses, which are scheduled for removal during the 2027 financial year.