ComputerCorp founder and managing director, Hugh Smith, has sold the WA-based services company to an unnamed buyer. It is understood the buyer is new to IT and plans to list on the Australian Stock Exchange.
The 55-year-old Smith said he would be stepping out of the industry because it was a good age to retire for tax purposes. But he could still play some role at ComputerCorp depending on the new investors.
"There are no negatives with the industry," he said. "It has been good to us but I have other things to do in life. I have a lot of interest in property and the arts. My sister owns an auction house, and I have bought paintings over the years, so I will continue to do that."
He was keen to take a break from the buzz of business.
"I'm looking forward to the simple things, like not wearing a full suit and tie every day," he said.
But it will be business as usual at ComputerCorp through to the end of the financial year.
Smith said the company had experienced a record February, with revenues of $15 million making it the company's third biggest ever month. He put the good results down to recently acquired operations in Tasmania and Canberra as well as organic growth.
He was reluctant to make predictions about the structure of ComputerCorp under its new owners but said the sale would provide access to more capital and acquisition opportunities. He stressed the deal was positive for the company and would help raise its profile.
"The new owners are going to drive the business harder," he said. "I think ComputerCorp will continue to stand on its own, but I don't know."
ComputerCorp was established almost 20 years ago in Perth. Its charter was to provide desktop and infrastructure services as well as network management. The company now maintains offices nationally.
More details about the new owner are expected to be announced shortly.