Baltimore Technologies sell Australian subsidiary
Baltimore has entered into an agreement to sell the operations of Baltimore Technology PTY Ltd, its Australian subsidiary based in Sydney, for a total consideration of £2.1m(€3.4m) to SecureNet Ltd.
The transaction consideration consists of an initial cash payment of £1.6m (€2.58m). The balance of the consideration payable in cash is contingent upon the conclusion of negotiations on new contracts.
SecureNet is a provider of internet and security services in the Asia Pacific region.
It will be appointed the exclusive distributor of Baltimore's products and related services in Australia and New Zealand, and will become a Trusted World Partner for Baltimore products and services in other areas of Asia Pacific.
Hong Kong is Baltimore's headquarters for North and South East Asia with an office in Singapore.
For the year ended 31 December, 2001, Baltimore's Australian operation made a net loss before tax of £4.7m (€ 7.6m) and had net assets of £ 2.4m (€ 3.87m).
