IT firm expands globally with $6M acquisition

SARASOTA — Axiologix, an IT services firm that focuses on cloud-based software, completed the acquisition of iWorld Services, a Voice over Internet Protocol (VoIP) services firm.

Axiologix paid $6 million for iWorld, according to a release. The payments, the statement says, will include $750,000 in cash, $2.75 million in loan notes payable quarterly after 12 months, and $2.5 million in Axiologix preferred shares. Axiologix could pay up to $4.5 million more for iWorld, depending on its profitability over the next three years.

Berkeley, Calif.-based iWorld is a reseller and distributor for VoIP products and services in Africa and the Middle East, according to the release. The firm is also expanding to South America and Asia. The iWorld management team will stay with the firm after the transaction.

“This is clearly a very significant event for Axiologix as we report the successful completion of this strategic and immediately revenue accretive addition to our business,” Axiologix Chairman and CEO Vincent Browne says in a statement.

Axiologix has offices in Dublin, Ireland, in addition to Sarasota. Its clients are mostly small and medium-sized businesses.