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CommSecure Bolsters Consulting Arm

[Sydney, AUSTRALIA] CommSecure Limited has announced plans to acquire specialist Web developer The Internet Spider in a deal worth 6.5 million CommSecure shares and $600,000 in cash.

The Internet Spider is the operating name for Sasanqua Pty Ltd, which established the company in 1994 and specializes in technical and online share trading Web sites. The company's blue chip clients include HSBC, St George, and Macquarie Bank.

If the acquisition is successful, the managing director of Sasanqua, Cecilia Loyzaga, will be nominated to the CommSecure Board and will be appointed as manager of CommSecure's consulting arm. John Pascoe, chairman of CommSecure, said the company's motivation in acquiring Sasanqua would be to drive further expansion of CommSecure Consult's client base. "The acquisition of The Internet Spider will enable us to offer customers a total secure e-commerce solution, from Web design and development through to installation and integration," he said.

CommSecure and The Internet Spider have previously worked together on projects including the development of a Web-based e-commerce service for Macquarie Bank. CommSecure Consult recently completed the development of Westpac's NetDirect payments system. A representative said the company is currently negotiating several new contracts which are expected to be finalized "within the next few months."

"Both CommSecure Consult and our core Internet payment gateway business have experienced rapid growth over the past six months," Mr Pascoe said. "Staff numbers have increased from 6 to 32. To accommodate this growth we will soon be moving to new, larger premises."