LibertyOne and PrivaSeek Form Joint Asian Venture
Page 1 of 1
LibertyOne will own an 80 per cent stake in the joint venture, contributing up to AUS$30 million (US$18 million) in debt funding in the immediate future to establish the business in Asia.
The partnership, which will be known as PrivaSeek Asia, will serve as a provider of PrivaSeek's Persona technology and services to countries throughout the Asia Pacific region, including Australia and New Zealand.
Persona technology acts as an information manager, allowing users to control the advertising they receive through a set of criteria.
Users also receive 20 percent of the revenue that the sale of their details generates. Sites that join the PrivaSeek program and sing up additional consumers also receive a share of the revenue from that consumer's profile.
Both parties must first agree to maintain accepted privacy practices, something which LibertyOne's chief executive officer Graham Bristow said would be of great benefit to the joint venture.
"Privacy is one of the most critical issues facing the Internet industry today," he said. "PrivaSeek puts the issue of privacy back in the hands of the consumer".
The company was unable to specify when the service would be launched or who else would be involved.