Publicly-listed design, survey and 3D spatial solutions company, Veris Limited, has spun up a new IT, communications and managed services business out of its OTOC infrastructure services subsidiary.
The new company, Aqura Technologies, was formed thanks to a restructure of Veris subsidiary, OTOC Australia, that sees the infrastructure division of the business discontinued following the completion of existing projects.
OTOC Australia had made a name for itself as a contractor for building critical support infrastructure and providing remote area communication solutions.
As a standalone business, Aqura Technologies provides specialist information technology, communications, managed services, remote operations and consulting to clients across Australia and New Zealand.
“The decision to divest OTOC Australia follows the completion of a large offshore infrastructure project, continued fragility in resources construction activity, and the strategic focus by Veris on professional services, with a national growth strategy in surveying, town planning and urban design,” the company said.
Meanwhile, the communications division of OTOC Australia has been renamed Aqura Technologies, in a bid to focus on IT and communications services and support its parent company’s professional services business.
“We are excited to launch Aqura as a new, standalone business, benefiting from long-term client relationships and technology developed within OTOC Australia over the past twelve years,” Veris managing director, Adam Lamond, said.
“The Aqura team, led by [general manager] Travis Young, will continue to provide innovative solutions to clients in remote, commercial and urban environments while also supporting the growth of Veris’ surveying, town planning and urban design business as it continues to implement its national strategy.
“The divestment of OTOC Australia is expected to be completed in FY18 and will reposition Veris as a focussed professional services business,” he said.
