IT services provider Synergy Plus (ASX:SNR) has arranged to buy South Australian based ICT solutions provider C&PA in an all-stock deal.
Synergy Plus will pay 1 million shares initially, and a further 500,000 in early 2011 if certain performance targets are met.
SNR shares are currently trading at $0.040, and have been fluctuating in value between around $0.04 and $0.05 for the past six months.
C&PA provides infrastructure design, consulting, product supply, system integration and managed services to companies mainly from the banking, legal and accounting sectors, Synergy Plus said.
It has been operating since 1992, and has vendor relationships with IT giants such as HP and Microsoft.