Spectrum acquires Wel

By Aimee McClinchy

Friday 9th June 2000

Mining company Spectrum Resources made the leap into e-commerce yesterday after shareholders approved the acquisition of billing software company Wel Technology.

The purchase of Wel for $2 million in cash and shares was passed after directors allayed some shareholder fears about the departure of Wel entrepreneur John O'Hara, who steps down as chief executive at the end of the month.

Wel's new chief executive will be Gavin Mitchell, who has a background in software companies.

Mr O'Hara, who started internet company Voyager and was a director of IT Capital until recently, said he had chosen to concentrate on his own ventures overseas.

Another of his companies had entered a joint venture in Ireland and was securing sales in the medical field, he said.

Spectrum Resources executive director Rob Levison told shareholders Wel's purchase price would be lowered to $1.25 million if a software deal in due diligence was not signed off as expected in the next few weeks.

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