AUCKLAND (03/31/2000) - New Zealand electronic commerce accounting software company, Exo-net International Ltd., has set up offices in Sydney, Australia and Singapore.
Incoming management teams, Tan Hwa Lian and partners in Singapore and Simon Butler in Sydney, have each taken an interest in the e-commerce software developer for an overall stake of 5 percent, injecting a further NZ$1 million (US$501,000) in working capital.
Butler, a former partner with Fay Richwhite Australia, has been appointed Exo-net managing director Australia. Tan, formerly a director of Strategic Business Development & Consultancy (SBDC), has been appointed Exo-net managing director Singapore.
Additional appointments have also been made in both countries including Amanda Wilson, formerly general manager of One.Tel's Internet company.
Exo-net CEO David McKee Wright says Australia's introduction of goods and services tax (GST) and the Singapore government's encouragement of small to medium-sized enterprises (SMEs) to adopt e-commerce makes it an ideal time to expand in both countries.
Both Butler and Tan will target SMEs that don't have the resources to compete in today's high-tech Internet environment, providing them with business solutions they couldn't previously afford, he says.
Exo-net's major shareholder, IT Capital, recently exercised an option to lift its stake in Exo-net to 35 percent after the company trebled revenue projections in New Zealand and increased staffing numbers from seven to 40.
Exo-net develops Exo-net 3000, a Web-enabled e-commerce accounting system aimed at SMEs. The product is resold in New Zealand by KPMG, Ernst & Young and PriceWaterhouseCoopers and there are plans for similar ties in Australia and Asia.
"Also, exo-net has agreements with leading New Zealand Internet service providers, ICONZ and Voyager, to distribute 'easyshop', which provides small companies with a fast-track method of building e-commerce Web sites. This strategy will also be rolled-out with leading ISPs (Internet service providers) in Australia and Singapore," says McKee Wright.