Ecommerce integration group IT&e Ltd has acquired Sydney-based network integration company The Missing Link Computer Solutions (TML), to extend its business-to-business ecommerce development capability.
"TML will generate significant returns over the next 12 months and we expect return on equity of close to 20 per cent with strong growth expected to continue over the next several years," said Jeremy Jilla, IT&e's CEO.
According to Jilla, the company is planning on more acquisitions during the course of this year, targeting companies that complement its ecommerce strategy. "The companies we are looking at are those that will enable us to expand our ecommerce capability, create a national network of companies and build our B2B revenue," Jilla said.
IT&e has also recently partnered with OSK Holdings, a Malaysian financial services group, to form a joint-venture company to establish a series of linked financial services portals that will be marketed to brokers and their clients across Southeast Asia. The two companies expect to give the new company a name within the next two months as business plans are finalised.
IT&e will be a 40 per cent partner in the new company with OSK taking 60 per cent. The joint venture will commence a phased program of market development starting with Malaysia and Hong Kong, and later expanding throughout Southeast Asia.
IT&e was formed in August 1999 from the merger of Microarts, Microarts South Australia, Chips and Bits, Internet Access Australia and TotalNet Presence. The company listed on the ASX in December.