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JOINT PRESS ANNOUNCEMENT 20 December 2002 – For Immediate Release "Local Software Business Sold" Invercargill-based computer software company Synergy Business Systems Ltd has been sold to an established Christchurch-based information technology company Datasouth Business Solutions Ltd – Group for an undisclosed sum. Former shareholder and local equity investment company Invest South Ltd purchased a 50% shareholding in Synergy approximately three years ago. The purchase was to assist Synergy's nationwide growth plan of its core accounting "Windows based" products. Synergy's other minority shareholders were SS Management Holdings Ltd, whose major shareholder was Synergy's programming director Lyall Swain, and Andrew Johnson of Hamilton. Invest South chief executive David Backhurst, who was also a director of Synergy, considered that the Datasouth acquisition of Synergy was an appropriate progression for Synergy at this time, and one where value could be added to both Synergy and Datasouth. "Synergy has been recognised by its extensive client base of around 800 users nationwide, as having a very cost effective and practical array of products. The Datasouth purchase will facilitate increased sales of Synergy products via Datasouth's own business networks. Further, the commercial benefit is reciprocated to Datasouth, given their acquired access to existing Synergy clients and the opportunities to cross-sell Datasouth's other complimentary products and services" David Backhurst believes that Invest South's original equity funding in Synergy highlighted his company's willingness to consider equity or debt investment in any local business that had a compelling business plan, capable management, and where a satisfactory commercial return could be demonstrated. Datasouth has been operating for 9 years and is the largest South Island owned systems integration provider specialising in the design, implementation and support of client's Information Technology requirements. The prime focus is on South Island owned and operated businesses and supporting their branch operations by way of wide area networks throughout New Zealand, Australia, Asia and Europe. Datasouth managing director and former Southlander Gavin Bennett of Christchurch comments on their acquisition "Synergy extends the capability of Datasouth to offer a wider range of software development opportunities, in meeting our client's business requirements by leveraging the technical capabilities of the Invercargill team. It is our intention to develop further the comprehensive and proven suite of Synergy software products and ensure that their very clear advantages are recognised within the marketplace. In the short term it is our intention to provide further job opportunities in Invercargill by increasing the sales and programming team of Synergy and the opening of a fully serviced Datasouth branch to support business clients within Southland." For further information please contact: David Backhurst Or Gavin Bennett |
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