By Phil Boeyen, ShareChat Business News Editor
Friday 18th August 2000
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Advantage CEO, Greg Cross, says Whitewolf is a quality asset with an established track record of earnings and profitability and a positive cashflow.
"It fits our acquisition criteria at all points and will form the core of Advantage's Sydney-based web services business, providing a beachhead that will enable Advantage to commence delivery of eServices into the Australian market."
He says the company brings with it significant partner relationships, depth of expertise and a top shelf client list.
Advantage will pay A$7.5 million for the web company, with a further A$1.5 million on the achievement of A$2 million EBITDA for the year to the end of June 2001.
A$937,000 will be paid in cash and the balance in Advantage shares, predominantly issued at NZ$3.50 per share.
Whitewolf was founded in 1984 and counts Oracle, Fuji Xerox, Hitachi, Cable & Wireless Optus and the NSW Police Service amongst its clients.
Whitewolf MD, Jonathon Wolfe, says becoming part of Advantage means his company can extend its business plans based on a larger resource base in Australia and develop those relationships further across Asia Pacific.
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