Intel sinks $7.8m into SecureNet

Intel has invested $7.8 million in Australian internet security software company SecureNet.

It has secured almost two million SecureNet shares or about three per cent of the company.

With the cash injection, SecureNet will attempt to increase its business activities in Asia, including plans to form Asia-based partnerships and to commence a specific marketing strategy for the region.

The company is currently partners with Hong Kong software solutions company Cable & Wireless HKT, which acts as the company's Asia Pacific region base.

This will become the model for further SecureNet partnerships.

Steve Taitoko, company secretary for SecureNet, said the acquisition was conditional on the company's fulfillment of certain government conditions.

"Any security product that's sold in Asia Pacific requires government approval," he said, although he said details of the agreement were covered under a non-disclosure agreement.

"[The agreement] is typical of this kind of transaction," he said.

Taitoko said the company planned to expand its customer base from its "traditional" government, banking and large corporate customers. The company planned to attract customers in the business-to-business area of e-commerce, he said.

"I don't think e-commerce is at the business-to-consumer stage yet," he said.

Taitoko said SecureNet expected this financial year to see a 100 per cent revenue growth for the company. He also said, following the acquisition, the company expected 50 per cent of revenues for 1999-2000 would come from business in Asia.

Last financial year, SecureNet posted revenues of $12 million. The company currently employs 70 people.

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