Hyro brings ID management labs down under

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Hyro brings ID management labs down under

ASX-listed digital services company, Hyro Limited has acquired Identity Solutions Laboratories Limited (‘ISL’) a New Zealand based identity management specialist, for an undisclosed sum.

ISL managing director, Stan Levine, will be relocated to Australia, said Richard Lord (pictured), chief operating officer at Hyro.

The acquisition of ISL is effective from 1 December, with Hyro acquiring the company under a deferred consideration model.

Under the terms of the agreement, the owners of ISL will receive consideration equal to 20 percent of the net profit after tax – estimated at $0.7 million dollars for 2007 calendar year - for revenue directly associated with the identity management practice, paid half yearly.

Although no initial consideration will be paid to the owners of ISL, they may elect to convert their consideration to fully paid ordinary shares at Hyro for 15 percent discount to 30 day Volume Weighted Average Price.

All issued capital will be in escrow for a period of three months from date of issue, Lord said.

Identity management services are already a part of Hyro’s digital services offering.

“Supplying services means being able to integrate the identity of the customers and businesses using their digital offerings,” he said.

“As more and more commerce shifts to digital channels, our clients need to be able to offer services around potential identity fraud management.”

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