Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


IT Capital Buys 100% of Terabyte Interactive

Business-to-Business E-Commerce Focus Decisive Factor

IT Capital Ltd (NZSE: ITC) today announced an agreement to purchase Terabyte Interactive Ltd, New Zealand’s internationally acclaimed interactive media company. The conditional agreement, subject to shareholder approval and documentation, will see IT Capital pay a total of $8.4 million. This will take the form of $7.7 million in cash payable over a six month period, from the date of closing expected in mid-December, and $700,000 of ITC stock at 40 cents.

The change of ownership follows the recent EMMA and Invision awards won by Terabyte in Europe and the United States for its part in the development of Virtual Spectator, the revolutionary new way to watch live sport on the Internet
“Terabyte’s expertise in web development and interactive media makes us one of the leading business-to-business e-Commerce and media companies in Australia and New Zealand,” explains Craig Meek, Managing Director of Terabyte Interactive. “We have world class capabilities, and a growing measure of international recognition. That’s great, but it’s not enough.”

“What we now need is an owner who is capable of facilitating our operation in an increasingly global market, a partner that can assist us to achieve the valuations that these will fetch on international markets. As an incubator within IT Capital, we have access to the venture capital, the global relationships and the market entry expertise that will enable this to happen.”

“IT Capital will make a major contribution to our success as a business-to-business e-Commerce company, growing our capability, and bringing to our customers USA e-Commerce solutions sourced through it’s global network.”
“We were attracted to Terabyte because of its world class capabilities and world class brand,” says Keith Phillips, Managing Director of IT Capital Ltd. A former CEO of Terabyte himself, Keith knows the capabilities of the latest acquisition and has worked in e-Commerce and interactive media for the last 12 years.

“Essential to our e-Commerce strategy is the outstanding capability that resides in Terabyte,” he explains. “As a proven incubator of scalable products, Terabyte will become the cornerstone of IT Capital’s business to business e-Commerce strategy, gaining additional benefit from venture capital opportunities through our international network.”

“ Our intention is to bring down from the USA additional e-Commerce solutions that will strengthen the solutions and services of Terabyte to customers in New Zealand and Australia.”

Company Background

The region’s leading “venture catalyst”, IT Capital focuses on investing in New Zealand and Australian based e-commerce companies with the intention of transplanting them into larger markets, principally the United States. Addressing the funding gap that inhibits most innovative Australasian firms, IT Capital provides both early stage funding and management expertise that are not readily available in local markets.

Applying a portfolio approach, the company allows investors to diversify risk and participate in e-commerce opportunities, thereby giving public market investors access to successful businesses at private market prices. IT Capital’s international network of venture partners and technology companies accelerates the global transfer of technology. More information on IT Capital Limited is available at, while information on Terabyte Interactive Ltd can be found at


For further information, please call:

© Scoop Media

Business Headlines | Sci-Tech Headlines


Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>


Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>


Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>


Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>