Vocus NZ News - Vocus Divests Retail Back Up Business Datalock Limited
Posted on March 21, 2013
VOCUS Communications Limited (ASX: VOC) today announces the divestment of the New Zealand Retail Backup business Datalock Limited (Datalock)
Maxnet Limited was acquired by Vocus in May 2012. As part of that acquisition, Vocus acquired a New Zealand Retail Data Backup business, Datalock. This wholly owned subsidiary of Maxnet was not considered to form part of Vocus' core business.
Vocus has entered into a binding agreement to sell the customers of Datalock to j2 (NASDAQ:JCOM). The consideration for the sale is NZ$600,000. The disposal is not expected to have any impact on the EBITDA of Vocus.
Vocus is continually reviewing its acquired businesses to ensure that focus remains on its core competencies and that it is able to leverage its assets for the benefit of its shareholders. This Datalock sale marks the first sale of a non core business unit within an acquired business. The funds received will be recycled into Vocus' core products.
James Spenceley, CEO, said of the deal "j2 are an excellent partner with global presence and a long service history to provide the retail online backup customers with the high level of service that they have come to expect. This divestment represents Vocus' commitment to its core businesses."
Read the complete press release here