Fujitsu to acquire Infinity
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Fujitsu New Zealand and is to acquire IT services group Infinity Solutions in what the companies describe as a "merger of equals".
The deal is subject to Infinity Group shareholder approval.
Rod Vawdrey, CEO of Fujitsu Australia and New Zealand says the acquisition will enable the merged company to more effectively compete as Infinity Solutions' full capabilities, private sector customer base and office locations across the country complement Fujitsu's existing New Zealand business.
In the year to December 2005, Infinity Solutions recorded revenues of $65.6 million and a $4.16 million profit. In 2006 revenue declined to $61.2 million and profit to $2.1 million.
Infinity recorded revenue of $27 million for the first half of 2007, $5 million lower than for the first half of 2006.
In the year to 31 March 2007, Fujitsu NZ recorded almost exactly the same revenue as Infinity in 2006, $61.3 million, up from $50.8 million in 2006.