Coms21 pulls eGlobal into fold

Coms21 pulls eGlobal into fold

Canberra-based smart card software developer Coms21 has acquired some major leverage in the Australian and Asian markets following the purchase of enterprise software and e-business company eGlobal International.

With branches in Brisbane, Melbourne, Sydney and several more throughout Southeast Asia and China, eGlobal will grow Coms21 significantly as well as giving it access to eGlobal's extensive high-end customer base.

"It [the acquisition] will take us from being a small company with small revenues to a major player," said Frank Favretto, Coms21 executive chairman. "Coms21 was looking to expand its IT business and eGlobal can provide a complete end-to-end solution. On top of that their existing business and products are very complementary to our ID and e-security operations."

The transaction took place as a stock swap with eGlobal taking 60 per cent of the software developer in exchange for 40 per cent of eGlobal shares. Coms21 shares closed at 14 cents on Friday.

Meanwhile, the significantly expanded Coms21 operation has secured a lucrative Web development contract with Suncorp Metway IT and BEA Systems. Favretto would not disclose the value of the deal but the consortium partnership secured the bid against the likes of Telstra, IBM and CSC, putting it in the multimillion-dollar market.

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