Australia's Verbrec hits over 4-year high after acquiring automation firm

Shares of Australia's Verbrec VBC.AX rise as much as 56.5% to A$0.18, their highest level since July 22, 2021

Stock set for best session ever

Diversified service provider says it will buy Alliance Automation and its unit DLM Automation from Telstra TLS.AX for A$5.5 mln ($3.57 mln)

Alliance Automation is an independent provider of digital transformation, cyber security and industrial automation integration services

Says transaction anticipated to add over A$60 mln in annualised revenue

About 1.5 mln shares change hands, 7.1x the 30-day average

Stock last up ~17%, flat YTD

($1 = 1.5389 Australian dollars)