Netregistry founder Larry Bloch graces Melbourne IT board

Appointment follows the $50.4 million Netregistry acquistion

Melbourne IT has appointed Netregistry founder and chief executive Larry Bloch as a new company director.

The appointment follows Melbourne IT’s recent $50.4 million purchase of its largest rival (Netregistry).

The deal consisted of $38.3 million in cash and $12.1 million in shares with former Netregistry shareholders receiving more than 9 million shares, equating to a 9.99 per cent stake in the company.

At the completion of the sale, Melbourne IT acting chief executive, Peter Findlay, said it would create a company with greater scale, improved product offerings, and a breadth of operations which will benefit both shareholders and customers as a result of significant merger synergies.

Former managing director of Optus’s fixed division, Martin Mercer, is set to take the reins as chief executive and managing director from April.

Findlay will remain at the helm until Mercer’s arrival.

The combined company is expected to save $5 million through consolidation of platforms and infrastructure.