WTL moves on mmpowered

WTL moves on mmpowered

Fresh from its recent acquisition of Icon Medialab, ASX-listed WTL has acquired Internet services company mmpowered communications.

The acquisition brings a broader range of customers and new products to the former mining software integrator, WTL officials said.

The company has been looking for a suitable acquisition target after the sale of its subsidiary, Whittle Programming, topped up its coffers.

"It is an ideal time to pursue an acquisition strategy as we have a strong cash position and there are some excellent opportunities available as the IT industry goes through a period of consolidation," said Wayne Rudland, WTL's CEO.

With mmpowered revenues of over $800,000 for 2001, WTL expects to turn over $5 million this financial year following the acquisition, up from $2 million the previous year.

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