RealTime IT News

Telstra Tightens Grip on Financial Software Vendor

Telecommunications carrier Telstra has strengthened its relationship with financial software developer Computershare, the latest in a series of investments in Australian Net companies.

Telstra has exercised on option from an agreement signed in June to increase its shareholding in Computershare from five to 15 per cent.

"In exercising these options, we are emphasising our confidence in the continuing value in this relationship and the possibilities of shared success in the financial services industry," said Ziggy Switkowski, CEO of Telstra.

Ted Pretty, group managing director of convergent business at Telstra, will also be named to the Computershare board, according to the companies.

"Having Ted on our board will be good for our shareholders as the relationship between Telstra and Computershare matures and continues to bear fruit for both organisations," said Chris Morris, MD of Computershare, "We share similar visions and enthusiasm for pursuing new markets and extending the reach of our products, particularly in e-commerce and Web-based technologies."

Telstra, which is the incumbent public sector telecommunications carrier in Australia but which has had 49 per cent of its equity sold off in a privatisation drive over the last few years, has been particularly active in the "angel investor" area recently.

The company also announced earlier this week it would take a 20 per cent stake in US-based Extant in return for becoming the Asia-Pacific partner in Extant's plans to build broadband infrastructure.