ComputerCorp CEO Hugh Smith has sold the business he founded in 1987 and is set to retire.
Smith, 55, told CRN he had sold the company to private investors, which at this stage, he declined to name.
“I’m exiting – whether I have a future role to play will be at [the investors'] discretion,” he said.
Smith said he was a 60 percent shareholder in the national computer reseller, which was now in “good hands” with the likes of CFO Murray Mansell and general manager of sales, Mike Rickers, driving it.
Over the past 12 to 18 months, Smith said he had deliberately “stepped back” from the business.
“I need to retire, I can’t go on forever," he said. "This company is ready to be sold as it needs more capital to grow on the East Coast.”
ComputerCorp has made several acquisitions over the past few years, the most recent being its October 19 purchase of Canberra-based computer equipment and networking services reseller CES Computers, which subsequently expanded its ACT presence.
Last April, it also acquired Tasmanian IT procurement and services organisation, XITE, which followed the opening of a Brisbane office in December 2004 and Melbourne office in January the same year.
Upon exiting the business, Smith said he plans to focus on his other interests which include property and collecting paintings.
“I could have done more of the same for the next three to five years or I could go away and do something different,” he said.
ComputerCorp currently turns over in excess of $100 million per annum. It opened offices in Launceston and Hobart last April.
ComputerCORP sold as Hugh Smith retires
By Byron Connolly on Mar 6, 2006 10:02AM