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February 18, 1999

GRESHAM ACQUIRES ASSETS AND IP OF AUSTRALIAN FIRMS

By CBR Staff Writer

Gresham Computing Plc, the Southampton, UK electronic commerce firm, has acquired the trade, certain assets and liabilities, and intellectual property of two companies from Sydney, Australia. The two firms, Ozease Pty and ISS Pty are both software development firms. Ozease specializes in the insurance and financial services sector, while ISS developed software and support services for financial services customers using Tandem computers. Gresham will pay around $758,000 in initial payments and shares for Ozease, with deferred considerations of up to $571,600 depending on performance. For ISS. Gresham will pay $532,300m in cash and shares initially, with up to $309,000 in deferred considerations. Managing director Trevor Read said the acquisitions would give the company a presence in Australasia and enable it to offer worldwide support to its customers, along with increased product offerings in the insurance and financial services sectors. Gresham bought US IT consultancy Automatic Solutions Inc for $2.7m earlier this month (CI No 3,591).

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