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