NZ Post Take Full Ownership Of Electronic Commerce Network
New Zealand Post today announced that it had increased its shareholding of New Zealand's leading electronic business-to-business service provider, the Electronic Commerce Network (ECN) from 60% to 100%.
Established in 1997, ECN helps organisations to share and work with data, irrespective of the computer software they use. It enables clients to exchange thousands of transactions in goods and services, including payments, invoicing and purchasing, import and export, supply and distribution, and compliance transactions and inventory management. The business holds a strong market position with approximately 750,000 messages passing through its switch per month. Announcing the acquisition of the Auckland based company, New Zealand Post's New Ventures General Manager Nazir Awan said the purchase of ECN provides New Zealand Post with a leading capability in the electronic commerce market.
"E-commerce complements New Zealand Post's strength in the physical distribution market. Fully acquiring The Electronic Commerce Network Limited adds to the expertise we have been building in this growth area," Mr Awan said.
"Our belief and confidence in the potential of ECN has strengthened since our initial 50% acquisition in September 1999. In many ways the company has been a model start-up, gaining first-mover advantage in the local market with a quality product.
"The company's recent successes in Australia and Asia are testament to the focus and determination of the company and its staff. We look forward to its continuing growth and development as a fully-owned New Zealand Post company", said Mr Awan.
ECN CEO, Ross Baker said the success of the company over the past three years was a tribute to the faith and confidence that New Zealand Post had played in its development.
"I welcome the deal with New Zealand Post and anticipate the evolving relationship creating new and exciting opportunities for both companies", said Mr Baker.
ECN has recently acquired significant customers in both Australia and South East Asia.
New Zealand Post will continue to operate ECN as a stand-alone business