Comms Group completes $30 million onPlatinum sale to efex
Comms Group Limited (ASX: CCG) has completed settlement of the divestment of its IT managed services division, onPlatinum, to Thinkex Holdings Pty Ltd trading as efex, for total consideration of A$30.0 million, subject to customary completion adjustments.
The transaction, first announced via a binding share sale agreement on 29 June 2026, settled on 1 September 2026. The sale crystallises value from the division and provides capital the company intends to apply toward reducing net debt and delivering a return to shareholders.
The original onPlatinum sale agreement, announced on 29 June 2026, valued the division at 2.5x the $12 million Comms Group paid to acquire it in 2022, with $28.5 million of the consideration structured as upfront cash payable on completion.
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What the divestment means for Comms Group’s strategy
The sale sharpens Comms Group’s focus on its core cloud communications, unified communications, domestic telecoms and global services businesses. By exiting IT managed services, the company narrows its operational footprint around its communications strengths.
Proceeds will be applied in accordance with the Company’s capital allocation framework. This includes two clearly defined uses:
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Reducing net debt to strengthen the balance sheet
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Providing a capital return to shareholders
Further details on the proposed capital distribution are anticipated by the end of Q1 FY27. Q Advisors, a global TMT investment banking boutique, acted as financial adviser to Comms Group in connection with the transaction.
For investors, the combination carries three distinct positives: a cleaner, more focused business, a strengthened balance sheet through debt reduction, and a pending shareholder return.
The transaction at a glance
| Detail | Description |
|---|---|
| Divested asset | onPlatinum (IT managed services division) |
| Buyer | Thinkex Holdings Pty Ltd (trading as efex) |
| Total consideration | A$30.0 million (subject to completion adjustments) |
| Agreement date | 29 June 2026 |
| Settlement date | 1 September 2026 |
| Financial adviser | Q Advisors |
Understanding a divestment and why it matters to investors
A divestment is the sale of a business unit or asset, typically to concentrate resources on a company’s core operations. Businesses pursue divestments to sharpen strategic focus, unlock capital tied up in non-core divisions, and simplify their overall structure.
In Comms Group’s case, exiting IT managed services through the onPlatinum sale allows the company to concentrate on its cloud and unified communications capabilities. The two intended uses of proceeds each carry investor relevance. Lowering net debt reduces financial risk and strengthens the balance sheet, while a capital return delivers direct value back to shareholders. Together, these outcomes explain why a divestment of this nature can be viewed as more than a simple asset sale.
What Comms Group’s core business now looks like
Following the sale, Comms Group’s operations centre on two main communications segments:
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Cloud Communications and Collaboration — cloud communications for Australian SME and corporate customers, including unified communications solutions such as Microsoft Teams Calling, hosted PBX, mobile services, NBN and fibre broadband, SD-WAN and secure firewall services.
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Global Unified Communications — specialist UCaaS for international business and wholesale voice, delivering fully managed services and PSTN replacement across 65+ countries with global 24×7 support.
The result is a more focused communications business, positioned around the company’s established cloud and unified communications strengths.
Comms Group’s FY26 full year results, reported in August 2026, showed revenue of $74.5 million and underlying EBITDA of $8.7 million, with recurring and services fees comprising 93% of revenue, providing context for the financial baseline the post-divestment business is stepping off from.
What comes next
The near-term catalyst for investors is the proposed capital distribution, with further details anticipated by the end of Q1 FY27 (the July to September 2026 quarter). Proceeds will be applied in accordance with the Company’s capital allocation framework, including reducing net debt to strengthen the balance sheet and providing a capital return to shareholders.
The pending capital return announcement stands as the key upcoming event for shareholders to monitor.
Upcoming catalyst: Q1 FY27 capital distribution
Comms Group has indicated that further details on the proposed capital distribution are anticipated by the end of Q1 FY27. Proceeds from the A$30.0 million onPlatinum sale are intended to reduce net debt and fund a capital return to shareholders.
Further information is available through CEO Peter McGrath and CFO Matthew Beale.
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