Baltimore Technologies has entered into an agreement to sell the operations of its Australian subsidiary to SecureNet for £2.1 million.
SecureNet, a provider of Internet and security services in Asia Pacific will, at the same time, be appointed the exclusive distributor of Baltimore’s products and related services in Australia and New Zealand, and will also become a Trusted World Partner for Baltimore products and services in other geographic regions in Asia Pacific.
In the year ended December 31, 2001, Baltimore’s Australian operations made a net loss before tax of £4.7 million (Aus$12.8 million) and had net assets of £2.4 million (Aus$6.4 million). Under the terms of the deal, Baltimore will retain a residual liability for property costs for just under a five-year period. Baltimore’s operations in Australia comprise approximately 100 employees mainly based in Sydney. Its primary focus is Authentication and Authorisation solutions and related professional services to customers, in particular, in Government and the financial services sector.
Baltimore has stated that the capital generated from the acquisition will be used for general corporate purposes.