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ÐÓ°ÉÖ±²¥ passes the Camtech baton to Keycorp

Friday, 20 October 2000

Adelaide ÐÓ°ÉÖ±²¥ today announced it has signed a Memorandum of Understanding with listed ÐÓ°ÉÖ±²¥n e-commerce and smartcard company, Keycorp Limited, for the proposed sale of Camtech, its internet and electronic payments business. The sale is conditional upon the satisfactory completion of due diligence.

Camtech, which emerged from the ÐÓ°ÉÖ±²¥ during the past decade as a computer retailer and Internet Service Provider, has developed into ÐÓ°ÉÖ±²¥'s leading provider of online payment services for electronic commerce.

Adelaide ÐÓ°ÉÖ±²¥ Vice-Chancellor Professor Mary O'Kane said the proposed transaction was another example of the ÐÓ°ÉÖ±²¥'s success in achieving commercialisation in areas relevant to the ÐÓ°ÉÖ±²¥'s core business of education and research.

Camtech will continue to be based in Adelaide and retain its strong research and development focus.

Camtech Chief Executive Officer Bruce Linn said the company owed a great debt to the ÐÓ°ÉÖ±²¥ for its far-sighted and ongoing commitment to the company's development.

"The culture of innovation that exists within Camtech reflects the commitment made by the ÐÓ°ÉÖ±²¥ to ensure we had every chance to succeed," he said.

"The choice of Keycorp to acquire Camtech, with the compelling synergies between the two companies, is just the latest demonstration of that commitment."

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