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Updated: Enterprise IT Global calls in the administrators

Updated: Enterprise IT Global calls in the administrators

Hits financial snag after multiple acquisitions

Albury-based IT and services provider, Enterprise IT Global, has gone into voluntary administration.

According to ASIC, the company called in the administrators on September 27, appointing Brian Silvia and Andrew Cummins from BRI Ferrier.

The company operates DragNet Internet Services and vendor partnerships include Dell, Microsoft, VMware, WatchGuard and Cisco.

According to previous media reports, the company was placed into administration citing financial difficulty.

Enterprise IT Global CEO, Jarrod Case, told ARN it had completed a number of acquisitions during the past few months and hit some financial woes after investors didn't meet their commitments or timelines.

In April, it purchased Gold Coast-based internet service provider, Fortana Networks and merged with Albury-based ISP DragNet. In March, it purchased US-based managed service provider Allcom Solutions. Last year, it bought Corporate IT Solutions Cairns and Trotman iTech.

"We are privately funded, we don't rely on any bank debt or bank credit, we just had let downs from a few investors not meeting their commitments and timelines," Case said. "We're fairly asset rich, so we wanted to allow for a restructure to be completed so we can sell off some assets and re-capitalise the company correctly, without other parties inappropriately taking advantage of our position. The correct way to do that is via administration.

Case said BRI Ferrier were a specialist in organisational reconstruction and was assisting the company with that process.

Case plans to continue to trade Enterprise IT Global during the administration process, keeping staff on-board and continuing to provide its customers with services.

Case said there were quiet a few offers on the table at the moment for a few company's divestment opportunities.

"It's a positive outcome for the future of the group moving forward," Case said.

The first creditors meeting will be held on October 7.


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