ANZ banks on SecureNet

Australian Internet security software company SecureNet has signed a three-year service agreement with the ANZ Bank that is anticipated to generate revenues in excess of $8 million for SecureNet.

The relationship will see SecureNet provide public key infrastructure (PKI) transaction processing and related Identrus services through its Australian Trust Centres.

Under the terms of the agreement, SecureNet will buy a suite of underpinning technology from ANZ that will enable SecureNet to offer Identrus and PKI-compliant infrastructure to its customers globally.

SecureNet, which has been a long-term supplier to the ANZ Bank, will issue the bank with $5.5 million in shares for the technology.

According to SecureNet managing director Geoffrey Ross, the technology will complement SecureNet's existing investment in secure transaction centres and PKI technology and will allow the company to deploy and market the technology globally.

"Our relationship with ANZ will launch SecureNet into a leading position in the supply of PKI transaction services, which is expected to grow exponentially over the next five years," Ross said.