The acquisition was announced November last year and was part of Hyro's strategy to expand into the Asian markets. Indigo has a strong presence in Singapore, Malaysia and China.
Under the original arrangement, Hyro agreed to pay $4 million upfront for Indigo Pacific, with an additional $1.5 million payable in 2009 and another $1.5 million in 2010 based on projected revenues of the Indigo Group of $17.5 million and $19.5 million respectively.
According to Hyro, this decision reflects announcements made to the market with respect to the revised strategy for the company in 2008 and the company's focus on building value through organic growth.
In light of recent unaudited final results announcements, the directors of Hyro have made changes to the senior management team. Former chief executive officer, Joe Calavassy has stepped down from the role - effective 5 February 2008 - and has been replaced by former Hyro chief operating officer Bill Votsaris.
Prior to Hyro’s acquisition of Synergy Software Holdings in May 2007, Bill Votsaris was the CEO of Synergy. Under Votsaris’ guidance, the company experienced strong growth and remained profitable each year during his tenure. He has over 22 years of experience in the IT industry.
According to Votsaris 2008 will be a year of consolidation for the company.
“As market conditions have changed, we have determined that there is sufficient opportunity for the business in servicing the Digital Services needs of our current and prospective clients. We will focus the company on organic growth and building on the assets we have,” he said.
The board has also created a new position of deputy CEO, which will be filled by Nathan Brumby. He joined the company in January 2008 as part of the executive team.
The deputy CEO role will work with the CEO to ensure the close management of operational priorities is balanced by an equally strong focus on business strategies and external stakeholder communication.
Prior to joining Hyro Brumby worked within the technology industry in Australia and the US in leadership roles within publicly listed technology and services companies.
Hyro Limited stops acquisition, changes CEO
By Lilia Guan on Feb 5, 2008 11:50AM