Post Begins Due Diligence On Messagemedia
13 August 2001
New Zealand Post Begins Due Diligence On Messagemedia
New Zealand Post has signed a conditional contract to acquire 80 per cent of MessageMedia NZ Ltd from eVentures NZ Ltd, subject to the satisfactory completion of due diligence.
On completion, the acquisition will take New Zealand Post’s shareholding to 100 per cent, following the purchase of 20 per cent of MessageMedia in September 2000.
New Zealand Post Enterprises Chief Executive, John Allen, said MessageMedia was the industry leader in on-line marketing communication in New Zealand and had performed well financially.
“MessageMedia has demonstrated a clear focus on achieving sales targets, signing over 30 customers within 12 months, including Air New Zealand, ASB Bank, The Warehouse and INL.
“Our belief in the potential of MessageMedia has strengthened since our initial investment in September last year. In many ways the company has been a model start-up, gaining first-mover advantage in the local market with a quality product.
“New Zealand Post is committed to developing new communication and distribution capabilities to meet our customers' needs for electronic solutions. MessageMedia’s product offering is a key element of that strategy.”
New Zealand Post will continue to operate MessageMedia as a stand-alone business.