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 http://www.itcapital.net, while information on Terabyte Interactive Ltd can be found at http://www.terabyte.co.nz


END


For further information, please call:

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Environment Aotearoa 2019: Report Warns Environment In Serious Trouble

The report says the way New Zealanders live and make a living is having a serious impact on the environment, and the benefits New Zealanders get from being in nature, though not measured or quantified, could be lost. More>>

ALSO:

Provincial Growth Fund: Backing Growth In Gore

“Today’s announcements are a $1.6 million investment towards the Maruawai precinct project, which involves the redevelopment of the Hokonui Moonshine Museum and creation of the Maruawai Heritage Centre...” More>>

ALSO:

Inflation: Cigarette Price Rise Offsets Cheaper Petrol

The consumers price index (CPI) rose 0.1 percent in the March 2019 quarter, due to higher prices for cigarettes, Stats NZ said today... In the year to March 2019, the inflation rate was 1.5 percent, down from 1.9 percent in the December 2018 year. More>>

ALSO:

Government Suppliers: MBIE Reinstates Fuji Xerox As A

The government has reinstated Fuji Xerox as a supplier despite an ongoing Serious Fraud Office investigation into accounting irregularities that led to losses of more than $300 million. More>>

ALSO: