A wastewater specialist in Singapore has bought out Australian water treatment manufacturer Akwa-Worx in a deal worth $1.5 million plus shares.
De.mem has announced an expansion into Australia having signed a share purchase agreement, which could increase dependent on whether the company meets end-of-year revenue targets.
Based in Queensland, Akwa-Worx provides wastewater treatment systems and supplies products for decentralised industrial and municipal water and wastewater treatment.
“The acquisition of Akwa-Worx is a game changer for De.mem,” said De.mem CEO, Andreas Kroell.
“With an established client base and recurring revenues, the Akwa-Worx business provides a strong platform for growth in the Australian market and beyond.
“Furthermore, the transaction creates an opportunity to achieve rapid market penetration of our innovative membrane technologies.”
The deal will include the combination of De.mem’s innovative membrance technology and customer base in Singapore and Vietnam with Akwa-Worx’s proven product offering in Australia.
“We are delighted to conclude the transaction with De.mem and are committed to working with the board and management of De.mem to deliver their strategic initiatives in the decentralised wastewater treatment systems sector,” said Akwa-Worx managing director, Shane Ayre.
“De.mem’s innovative membrane technologies, such as the flagship low-pressure hollow fibre nanofiltration membrane, are a key differentiator in the market.”