Management buyout saves Foursticks

Troubled network performance software developer Foursticks has been saved by a management buyout.

Former Foursticks chief technology officer Alan Noble has been named as head of a new company, NetPriva, which has bought the South Australian company's key assets.

Foursticks went into administration in late April.

The NetPriva board would be chaired by sales and marketing director Peter Vroom. NetPriva had also hired a development and support team.

Vroom said attracting new investors had been no problem.

"We have been gratified to receive such positive support, including investment from two distributors working at the customer coal face," Vroom said.

Vroom claimed investors had "great confidence" in Foursticks' product technology and the ability of the new team to succeed.

Alan Noble, chief executive at NetPriva, said the new company would serve Foursticks business partners and customers, including Adecco, Bridgestone, Hardy Wines, Halliburton and Santos.

"We are now running a lean organisation with a promising pipeline of customers," Noble said.

NetPriva's "first priority" was to consolidate its business in Europe and Australia.

"We have been lucky to be able to appoint skilled software specialists in a tight IT employment market, as well as technical sales specialists with experience in both regions," Noble added.

He said NetPriva planned to release new additions to its NP suite of software in coming months.