SEN 2.17% 4.7¢ senetas corporation limited

sen say who ibk are

  1. 580 Posts.
    This IS from 2002:-

    Senetas earnings increase after acquisition

    July 11 2002

    Listed IT services and investment group Senetas Corp expects to lift its 2002/03 earnings and increase its client base, after acquiring a local IBM partner.

    Senetas said it had agreed to acquire Innovative Business Knowledge (IBK), a key local partner of IBM-Tivoli, in an earn-out deal over 12 months.

    "It is anticipated that IBK will add approximately $3 million to the Senetas group revenue and approximately $500,000 to the Senetas EBIT (earnings before interest and tax)," Senetas said, referring to financial year 2002/03.

    In March, Senetas reported a $15 million net loss for the first half of 2001/02, predicting a full year result of the same amount and positive earnings in 2002/03.

    Senetas said the payment for the acquisition would be calculated on a monthly basis based on IBK's net earnings.

    Less than 30 per cent of the monthly payments would be in cash, paid out of IBK's own cashflow, with the balance of payments in shares.

    "It is anticipated that approximately 8.7 million shares will ultimately be issued as part consideration of the acquisition," Senetas said.

    A working capital cash payment would also be made to IBK between July and September.

    Senetas said IBK would continue to trade under its current name, and that IBK's chief executive Ron Lunt would remain with the business under a two-year service agreement with the Senetas management team.

    Senetas said the acquisition would result a strong training focus across the enlarged group.

    "With IBK, training will become a major sustainable growth business sector of Senetas," it said.

    "It is Senetas's intention to extend and broaden the current training offerings of IBK."

    The acquisition also provided IBK with a strong base from which to expand its IT security and data storage businesses.

    "A corporations extra-net will be a major business opportunity for the IT businesses," it said.

    An extra-net is a private network for online communications between separate entities.

    As well, Senetas said the acquisition would provide further growth opportunities by combining the client bases of the enlarged group.

    Senetas shares were half a cent lower at 15 cents at 1315 AEST.


    This story was found at:

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