Javelin Systems Inc, the Irvine, California maker of open-system touch screen computers, has established three new international subsidiaries located in the UK, Singapore and Australia. Javelin says the wholly-owned subsidiaries will handle business development throughout Europe and Autralasia as well as provide hubs for technical consultation, training and support of the company’s OEMs and resellers. As part of the international expansion, Javelin also announced that it has acquired Singapore- based IT consultancy Aspact IT Services Pte Ltd. Aspact, a private company which was established in 1994, has annual revenues of about $1m. The transaction is being accounted for as a purchase and is being paid in cash and shares of Javelin System’s common stock, which will be issued in a private placement. No total value on the deal was given. Javelin says international sales currently make up about 10% of total revenues. Last month, Javelin reported third-quarter net income of $353,400 on revenue of $10.6m, against a loss of $57,400 on revenue of $1.7m a year ago (CI No 3,397).
