Wellington, 19 October 2005
O2NZ adjusts shareholdings
Neil Butler, acting chairman of O2NZ, has announced that Synergy International Limited has withdrawn from the O2NZ
consortium but stated that this would not affect the business going forward. O2NZ is a consortium of New Zealand IT
service companies focussed on developing a New Zealand presence it the UK IT outsourcing market.
“We thank Synergy for their support up until now,” said Butler. “Under the shareholders’ agreement, the remaining
shareholders will purchase Synergy’s shares. A decision on whether to offer shares to another party will be made in the
Plans for the launch of O2NZ in London are unaffected by Synergy's decision.
"Wax info Ltd., a Cambridge-based client of O2NZ shareholder Black Coffee Software, recently won the UK’s top award for
the use of outsourcing by an SME from the National Outsourcing Association,” says Butler. “The Association noted that
through Black Coffee, New Zealand was the only specialist offshore destination outside of India to be represented in the
“Wax info has stated that the quality of the New Zealand development team, combined with New Zealand Government support,
has been vital in their ability to deliver a world-class product. That is vindication for O2NZ’s business plan and
Jim Donovan, Synergy CEO, said that Synergy remains supportive of the efforts by the consortium partners and the
Government to mount such a venture. Garth Hamilton, who led the O2NZ initiative whilst at Synergy, is the acting
Establishment Manager working for the consortium partners.