IPH: Growing Australian market share

IPH Limited (IPH) has announced the acquisition of Pizzeys Patent and Trade Mark Attorneys for A$86.9m (A$13.3m deferred for 2 years). Pizzeys has been operating for over 15 years and consists of 11 partners with offices in Canberra and Brisbane. Pizzeys focus is predominantly on inbound work into Australia from overseas IP associates and direct corporate clients. Pizzeys has been the fastest growing IP firm in Australia with its market share increasing from c4.3% three years ago to c6.4% currently. The acquisition is expected to settle on 30 September 2015. The acquisition of Pizzeys continues IPH's consolidation of the highly fragmented IP market and will help propel the group towards its goal of achieving c25% of the Australian market. Post the acquisition, IPH's Australian market share now sits at 20%. Visit the Morgans Blog for further detail on the deal and Morgans investment view (VIEW LINK)