Telecom's IT services unit, Gen-i has sold Davanti Consulting in a management buyout.
The deal involves 80 staff. Telecom won't reveal the price but a spokeswoman told NBR Onliine it is "not material."
Telecom has signed a conditional agreement to transfer ownership of Davanti Consulting’s New Zealand operations to Davanti principal consultants Justin Hamilton, Matt Farrar and Robert Carter.
The transaction is expected to settle on 31 May.
After the deal closes, Gen-i and Davanti will continue to partner, with Davanti staff working from Gen-i’s premises in Auckland and Wellington.
Davanti was founded in 2007 as a division of Gen-i. It works with organisations across private and public sectors, providing strategic advice, business transformation, industry knowledge, and the design and delivery of cloud-based applications. Its website lists the Ministry of Justice, TVNZ, Fulton Hogan and ACC among its clients.
The diverstment comes on the heels of Gen-i's decision to pull out of mainland Australia, and reduce the number of staff servicing Australian clients from 180 to 60.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- Gareth Morgan's sizeable donations to his own party revealed
- Budget 2017: What's been announced so far, what's tipped for today
- Kiwi business traveller stranded in San Francisco after United de-planes his wallet and passport
- Chorus increases bank facility, pushes out maturity date for increased flexibility, certainty
- SeaDragon confirms full-year loss will widen
Most listened to
- David Seymour gives Gareth Morgan a serve as the latest political party donations are disclosed
- Those pre-budget announcements aren’t as big as they look. Joyce still has lots of fiscal room, says Rob Hosking
- Tony Falkenstein claims to have NZX shareholder support for his bid to become a director
- Pacific Edge CEO David Darling on progress with key US customers
- NBR Radio: best of the week ended May 19, with Grant Walker