Critical.
Authoritative.
Strategic.
Subscribe to CIO Magazine »

Australasia takeover target wins new deals

Australasia Consolidated (ASX:AAO) said takeover target Emerchants has won some new deals that will help aid the former's transition into an e-payment company

Australasia Consolidated (ASX:AAO) announced its takeover target, electronic payment company Emerchants, has won four new significant contracts.

Emerchants, a provider of pre-paid financial cards, has signed deals with Monadelphous Group, GoodStart Childcare, Cardno and City Finance.

Australasia Consolidated in May arranged to acquire Emerchants and shift its focus to the financial services market.

The purchase price will be $2.5 million in cash plus 75 million shares, vesting in three years.

Emerchants' new contracts include taxi card and MasterCard products, and other services related to corporate expense management, gift cards and loyalty rewards programs.

Emerchants also recently secured a contract with Optus dealer Telechoice.

Australasia Consolidated managing director Bob Browning said Emerchants' new deals “validate our decision to acquire the company.”

The acquisition requires shareholder approval, as it would result in a change of activities (from gold and copper exploration) for Australasia Consolidated.

AAO shares fell 3.03% in Tuesday's trading to $0.160.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: Optus
References show all

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the CIO comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Whitepapers
Latest Stories
Community Comments
Tags: Australasia Consolidated, Emerchants
Latest Blog Posts
Whitepapers
  • Essar Group - Essar Group executives enjoy printing on the move
    Essar Group’s senior management are constantly on the road. So it’s not surprising that the company has become a heavy user of mobile computing solutions to enable them to get their job done. The mobility and productivity of executives; enable them to easily print documents from any company location to any company printer using their smartphone. Read more.
    Learn more »
  • Lost USB keys have 66% chance of malware
    Sophos studied 50 USB keys bought at RailCorp's 2011 Lost Property auction in Sydney. The study revealed that two-thirds were infected by malware, and quickly uncovered information about many of the former owners of the devices, their family, friends and colleagues. Disturbingly, none of the owners had used any sort of encryption to secure their files against unauthorised snoopers.
    Learn more »
  • HP ePrint Enterprise mobile printing solution
    The merger of mobile devices and cloud services has become one of the most significant enablers of business productivity and innovation in the past decade. We now hold the power of communicating and computing in the palms of our hands, nearly anywhere business or life takes us. However, one key business process has eluded the mobility movement: printing. Even the most technically enabled business travelers find themselves hunting down print services while on the road and interrupting IT managers when visiting a branch office simply to print a document. But finally, a truly mobile print experience is available—helping enterprises to drive business productivity further. Read more.
    Learn more »
All whitepapers
rhs_login_lockGet exclusive access to Invitation only events CIO, reports & analysis.
Recent comments