TAG | Aussies buy VeriSign's digital brand management business |
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| by Stephen Withers | |
| Wednesday, 30 April 2008 | |
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Melbourne IT CEO and managing director Theo Hnarakis said "Our combined Digital Brand Services division is expected to manage brands for over 2,500 corporations, and provide global coverage for our clients with local service via more than 200 staff across 14 offices in the Americas, Europe, and the Asia Pacific region." The purchase is being funded with a line of credit with the National Australia Bank. The acquisition is expected to have a neutral effect on Melbourne IT's results for 2008, and that it will increase earnings per share during 2009. "The sale of VeriSign's DBMS business is part of a strategic effort to focus on our core strengths in Internet infrastructure," said Russell Lewis, senior vice president, strategic development, VeriSign. "We believe that Melbourne IT is a great fit for DBMS customers and employees." According to VeriSign, "Digital Brand Management includes everything from organizing, consolidating digital assets to using them to actively promote the business and increase revenues" where "Digital assets include domain names, logos, proprietary content and images online." Following the announcement, Melbourne IT's share price rose from $A3.00 to $A3.10 at 12.10pm.
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