KAZ acquires Aspect Computing

The Directors of KAZ Computer Services have announced that KAZ has agreed to acquire Aspect Computing, one of Australia's leading IT companies.

The combination of KAZ and Aspect will allow KAZ to compete in the tier-one outsourcing market for long-term contracts, especially in the government arena.

The acquisition is a key step in KAZ's strategy and broadens its range of services, customer base and geographic reach. Mr. Peter Kazacos, the Managing Director of KAZ, said "The merger of Aspect and KAZ is very positive for our customers, staff and shareholders. The combined business has enormous potential as the largest Australian provider of outsourcing services."

Combined, the two companies will have national coverage, 2,500 staff, and expected revenue of $409 million in 2003. The acquisition is highly strategic for KAZ and will position the merged business amongst the first-tier IT services providers in Australia.

Consideration for the acquisition will comprise cash of $108.8 million and the issue of 102 million KAZ shares to the vendors and staff of Aspect, with provision for a limited adjustment based on the average share price prior to settlement.