Preparing itself for a major drive into the European market, Paxus Corp Pty Ltd, the Australian specialist in software for insurance and financial services, has bought the remaining 40% of CSIRONet from the Commonwealth Australian Scientific and Industriasl Research Organisation, CSIRO. Canberra-based CSIRONet, which also specialises in financial software employs 100, and had a turnover of $13.9m last year. Paxus is preparing itself for a major move into Europe for 1992, and transferred its head office from Sydney to Twyford, Berkshire in June, 1988. Claiming to be the largest Australasian-owned provider of value added network services, Paxus also purchased the New Zealand Government’s Health Computing Services operation in October 1988. European business accounts for 28% of the company’s turnover, with clients including the TSB Trust Company and Abbey National Building Society. Paxus has also announced net profit equivalent to $2.8m for the six months to September 30, against a net profit of $3.62m for the nine months to March 1988. Turnover was $70.8m for the half, against $59.6m for the earlier nine months; figures are converted at $0.87 to the Australian dollar.
