Onesource Group acquired by IT services provider

Media Release – 10 December 2009

Onesource Group acquired by leading Australasian IT services and print solutions provider

CSG Limited of Australia has announced today that it has acquired the Onesource New Zealand businesses which include Konica Minolta Business Solutions New Zealand Limited and Leasing Solutions Limited.

Konica Minolta New Zealand, a market leader in the provision of document management and print solutions, along with specialist equipment financing company Leasing Solutions Limited, has been sold to leading IT services and print solutions company CSG Limited of Australia.

CSG is one of Australia’s leading IT services companies providing end to end integrated technology solutions in all major Australian markets. CSG is the largest independent document solutions provider in Australia and the only ASX listed company head-quartered in the Northern Territory. CSG has significant expertise in the provision of integrated technology solutions to business and government.

The transaction has the full support of Konica Minolta Business Technologies in Japan, which will retain its 10% shareholding in the New Zealand business, as part of a long term joint venture relationship that ensures exclusive distribution and support of Konica Minolta products and services to the New Zealand market. It also facilitates direct access to Konica Minolta’s substantial research and development and manufacturing resources in Japan.

CSG is acquiring Onesource from the management buyout team led by Evan Johnson, which purchased the businesses in 2005.

Onesource chief executive Evan Johnson says the Konica Minolta and Leasing Solutions businesses have prospered under the current ownership structure and management team. Despite a difficult recessionary environment in recent times the businesses have continued to develop, grow and produce strong returns. Having come through the recession in good shape the businesses are well positioned for the future.

Mr Johnson says that teaming up with one of Australasia’s largest IT and print services companies and retaining the continued support of Konica Minolta Business Technologies in Japan will position the New Zealand business very strongly for continued success and growth. We are passing from one successful ownership structure to another – with an opportunity to build on the great results we have achieved in the past several years.

Mr Johnson will retain his role as the Managing Director of the New Zealand businesses and will join the CSG Australasian Steering Committee to support the development of the CSG business on both sides of the Tasman. “This is an exciting opportunity for our business as we combine our leadership position in New Zealand alongside a highly skilled team in Australia with the resources, the ability and the desire to embark on a significant growth programme.”

Mr Johnson will join a high powered team of print industry experts; including Philip Chambers, the current Chairman of CSG and ex Managing Director of Fuji Xerox Australia; David Ward, the ex head of Sales and Marketing for Fuji Xerox Australia; and Denis Mackenzie, the CEO and foundation shareholder of CSG. This team has worked together in the past very successfully and are looking forward to the opportunity to join forces again to set the market alight.

“From a customer viewpoint, the new ownership has a number of advantages,” Evan Johnson says. “Clearly CSG has significant financial strength and views Konica Minolta New Zealand as a long term, strategic business. The keys to success in the document solutions market are providing tangible value for customers, and matching high quality products with outstanding levels of service and support. We have excelled in all these areas in a difficult climate and we will continue to invest to ensure we stay at the top.”

Both Konica Minolta New Zealand and CSG are the largest independent document solutions providers in their respective countries. There are clear synergies between the two businesses. Evan Johnson says that the new ownership is extremely exciting for staff and customers.

According to Philip Chambers, “Onesource was a standout acquisition target due to its outstanding performance in the New Zealand market and the high calibre of the management team.”

The New Zealand businesses will continue to operate as independent operating companies within the CSG group.

ENDS

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