Intel sinks $7.8m into SecureNet

Intel sinks $7.8m into SecureNet

Intel has invested $7.8 million in Australian Internet security software company SecureNet.

It has secured almost two million SecureNet shares, or about 3 per cent of the company.

With the cash injection, SecureNet will attempt to increase its business activities in Asia, including plans to form Asia-based partnerships and to commence a specific marketing strategy for the region.

The company is currently in partnership with Hong Kong software solutions company Cable & Wireless HKT, which acts as the company's Asia-Pacific region base.

This will become the model for further SecureNet partnerships.

Steve Taitoko, company secretary for SecureNet, said the acquisition was conditional on the company's fulfilment of certain government conditions.

"Any security product that's sold in the Asia-Pacific requires government approval," he said, although details of the agreement were covered under a non-disclosure agreement.

"[The agreement] is typical of this kind of transaction," he said.

Taitoko said the company planned to expand its customer base from its "traditional" government, banking and large corporate customers. The company planned to attract customers in the business-to-business area of e-commerce, he said.

"I don't think e-commerce is at the business-to-consumer stage yet," he said.

Taitoko said SecureNet expected to see a 100 per cent revenue growth for the company this financial year. Following the acquisition, 50 per cent of revenues for 1999-2000 would come from business in Asia, the company said.

Last financial year, SecureNet posted revenues of $12 million. The company currently employs 70 people.

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