NZ Post sells Converga subsidiary to Canon for undisclosed amount

Monday 9th November 2015

New Zealand Post Group has sold its wholly owned subsidiary Converga to Canon Australia for an undisclosed sum.

Converga, which specialises in business process outsourcing with a focus on digital document solutions, employs 1,300 staff and has offices in Australia, New Zealand, Asia and the US.

NZ Post, which reported a 34 percent increase in annual profit to $128 million, is in the second year of a five-year reset strategy in the face of declining mail volumes. Profit was helped by a $46 million gain on the sale of its Australian based company Couriers Please for A$95 million.

Chief executive Brian Roche said Converga’s strategic fit within the group was reassessed earlier this year and the company then indicated it was looking to sell as it focusses on parcels, mail and financial services businesses.

“For Converga’s staff, customers and suppliers, it will be business as usual. We anticipate a smooth transition of ownership to Canon Australia,” said Roche.

Canon Australia said Converga would remain a stand-alone business, with the same management team and structure.

“Converga is a fantastic company that we intend to invest in, and grow, long into the future,” said Yusuke Mizoguchi, Managing Director, Canon Oceania.

The acquisition of Converga is Canon’s fourth in four years, having previously acquired Harbour IT, Sun Studios and Océ Australia.

BusinessDesk.co.nz

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