Sealcorp parent company Brocker Investments has bought New Zealand project management company Pritech - lock stock and barrel.
Brocker has acquired 100 per cent of Pritech but both Brocker CEO Mike Ridgway and Pritech managing director David Corlett say there will be no personnel or name changes for Pritech. Neither will disclose the sum for which Pritech changed hands.
Corlett, who owned 55 per cent of Pritech shares, says it's been sold simply to gain capital to grow the business.
"It has grown significantly over the last couple of years. To go further, we need more investment," he said.
Ridgway says Pritech is held in high regard by the IT industry which is the main reason Brocker bought it.
"They are very well respected in terms of the consulting part of our industry. We see some big opportunities specifically in terms of their expertise with Lotus Notes. The key strength is their reputation in the larger New Zealand Government departments and large corporates. They're very strong in that market," Ridgway said.
The Pritech example
Corlett says Pritech's knowledge management business, particularly in Lotus Notes, doubled from 1996 to 1997 and further rapid growth is forecast. Ridgway says the quality of Pritech's management and staff is another key reason his company has bought it.
He says Brocker, which acquired 1World Systems in Australia earlier this year, is talking to other companies with acquisition in mind. "Certainly if you wanted an indication of where we are heading in terms of acquisitions then the Pritech example is a good one," Ridgway said.