[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.”
