Cloudten owner unveils name change

Cloudten owner unveils name change

Change reflects the change in the direction of the business

Credit: ID 70216470 © One Photo |

ASX-listed Transaction Solutions International (TSI) has revealed plans to change its name to Vortiv Limited.

The Western Australia technology for financial services provider, which owns and operates Decipher Works and Cloudten Industries, said both business would remain operating under their current brands.

TSI was a holding company for Transaction Solutions International, a payments managed services provider based in India founded in 2006. TSI went from holding 100 per cent interest in the business down to less than 25 per cent in 2013.

The company told shareholders on 30 July that since 2017, following the acquisition of Decipher Works, its focus changed to cyber security now backed by cloud services with Cloudten.

With a transformation in its business focus, the company saw it fit to propose a name change which is subject to shareholder approval.

Cloudten has continued to deliver profit and growth however specifics of those were not shared.

"The business model of Cloudten and DWX is hinged on building repeat business with its target customer base," TSI told shareholders.

"The repeat business usually consists of multiple contracts, either in the form of extensions or renewals or new statements of work.  Currently, no individual contract is considered material based on its revenue impact to the business."

In February, TSI announced the acquisition of Cloudten in $8.6 million deal. The Sydney-based provider had closed FY18 with $3.8 million revenue and, had at the time of the acquisition, a strong balance sheet having experienced significant growth in excess of 100 per cent year-on-year in the last three years.

Following the acquisition, Cloudten launched in London and opened two new offices in Australia, Melbourne and Brisbane.

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Tags CloudtenTransaction Solutions InternationalTSIVortiv

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