Yet another local IT company has announced its intentions to list on the Australian Stock Exchange. Australian IT consultancy and solutions company ICSGlobal plans to raise $6 million through an ASX listing early next year.
The initial public offering (IPO) of six million one-dollar shares, or 23 per cent of the company, opened today and will close on December 29. It will be ready for listing in the first week of January 2000.
ICSGlobal provides large companies with IT solutions for internal and external business requirements, such as the integration of industrial or manufacturing technology with office computer systems, or the introduction of the GST.
ICSGlobal's chief executive officer, Tim Murray, who will own 70 per cent of the company after the listing, said ICS was also well positioned to assist businesses moving into e-commerce with IT consulting and system development and integration.
"Our services are designed to complement the services our clients are offering by providing integration and engineering solutions for their own particular systems," Murray said.
Murray expects ICSGlobal to become an e-commerce specialist within two years.
This expectation was enhanced by the recent alliance formed between ICS and General Electric's e-commerce brand GE ECXpress, Murray said.
The deal between the companies will see ICSGlobal provide services on e-business and e-commerce projects that involve the GE ECXpress range of e-commerce products.
Revenues for ICS are forecast to reach more than $17 million this financial year, up from $13.73 million in fiscal 1999.