NZ Post sells Converga subsidiary to Canon
NZ Post sells Converga subsidiary to Canon for undisclosed amount
By Fiona Rotherham
Nov. 9
(BusinessDesk) - New Zealand Post Group has sold its wholly
owned subsidiary Converga to Canon Australia for an
undisclosed sum.
Converga, which specialises in business process outsourcing with a focus on digital document solutions, employs 1,300 staff and has offices in Australia, New Zealand, Asia and the US.
NZ Post, which reported
a 34 percent increase in annual profit to $128 million, is
in the second year of a five-year reset strategy in the face
of declining mail volumes. Profit was helped by a $46
million gain on the sale of its Australian-based company
Couriers Please for A$95 million.
Chief executive
Brian Roche said Converga’s strategic fit within the group
was reassessed earlier this year and the company then
indicated it was looking to sell as it focusses on parcels,
mail and financial services businesses.
“For
Converga’s staff, customers and suppliers, it will be
business as usual. We anticipate a smooth transition of
ownership to Canon Australia,” said Roche.
Canon
Australia said Converga would remain a stand-alone business,
with the same management team and
structure.
“Converga is a fantastic company that we
intend to invest in, and grow, long into the future,” said
Yusuke Mizoguchi, Managing Director, Canon
Oceania.
The acquisition of Converga is Canon’s
fourth in four years, having previously acquired Harbour IT,
Sun Studios and Océ
Australia.
(BusinessDesk)