Fortinet acquires cloud security and networking innovator OPAQ Networks

Enhances Fortinet’s existing SASE offering to deliver the most complete SASE platform on the market

Ken Xie, founder, chairman of the board, and CEO, Fortinet, said, “The recent SASE market momentum further validates our Security-driven Networking approach and underscores what we’ve been saying for years. In this era of hyperconnectivity and expanding networks; with the network edge stretching across the entire digital infrastructure, networking and security must converge. In fact the acquisition of OPAQ actually further enhances our existing SASE offering enabling Fortinet to deliver the most complete SASE platform on the market. The Fortinet SASE platform delivers the broadest security and industry-leading SD-WAN and networking offerings that can all be delivered to customers and partners through a flexible, cost efficient and patented zero-trust cloud architecture.”

News summary

Fortinet® (NASDAQ: FTNT), a global leader in broad, integrated and automated cybersecurity solutions, has announced it has acquired OPAQ Networks, a Secure Access Service Edge (SASE) cloud provider based in Herndon, Virginia. OPAQ’s Zero Trust Network Access (ZTNA) cloud solution protects organisations’ distributed networks – from data centres, to branch offices, to remote users, and Internet of Things (IoT) devices.

Fortinet’s Security Fabric combined with OPAQ’s patented ZTNA solution enhances Fortinet’s existing SASE offering to form the best-in-class SASE cloud security platform with the industry’s only true Zero Trust access and security by providing industry-leading next-generation firewall and SD-WAN capabilities, web security, sandboxing, advanced endpoint, identity/multi factor authentication, multi-cloud workload protection, cloud application security broker (CASB), browser isolation, and web application firewalling capabilities.

Moreover, OPAQ’s platform is purpose built to be partner friendly, empowering MSSPs, carriers and high value-add partners to easily integrate the SASE multi-tenant platform into their own offering and add value to business and government organisation customers with their Network Operations Centre and Security Operations Centre expertise and advanced professional services.

Given remote workforce trends, with exponentially more users, devices, applications, services, and data outside of a traditional enterprise edge than inside, the integration of Fortinet’s broad Security Fabric with OPAQ’s cloud platform will offer customers and partners even more choices in how they can consume best-of-breed security and is yet another unique and differentiated way Fortinet is empowering customers with the best, integrated security and networking innovation in real-time.

With the OPAQ acquisition, unlike other cloud security providers, Fortinet will deliver:

  • The best of scalability, performance, and security compared to any cloud security vendor.
  • A broad integrated suite of cloud security solutions providing true Zero Trust security, unlike other ZTNA providers who leave many unprotected gaps in the attack surface.
  • One-of-a-kind ZTNA solution with continuous security innovation at scale, leveraging Fortinet’s top-notch R&D talent to deliver security substance “under the hood”.
  • Security and networking fully integrated, including Fortinet’s industry-leading SD-WAN, furthering the company’s Security-driven Networking approach.
  • The most partner-friendly ZTNA offering in the market that remains true to Fortinet’s ongoing commitment to its valued partners.

Financial terms of the deal were not disclosed.

Additional resources

About Fortinet
Fortinet (NASDAQ: FTNT) secures the largest enterprise, service provider, and government organisations around the world. Fortinet empowers our customers with complete visibility and control across the expanding attack surface and the power to take on ever-increasing performance requirements today and into the future. Only the Fortinet Security Fabric platform can address the most critical security challenges and protect data across the entire digital infrastructure, whether in networked, application, multi-cloud or edge environments. Fortinet ranks #1 in the most security appliances shipped worldwide and more than 455,000 customers trust Fortinet to protect their businesses.

Both a technology company and a learning organisation, the Fortinet Network Security Expert (NSE) Institute has one of the largest and broadest cybersecurity training programs in the industry. Learn more at http://www.fortinet.com, the Fortinet Blog, or FortiGuard Labs.

Copyright © 2020 Fortinet, Inc. All rights reserved. The symbols ® and denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAP, FortiAppEngine, FortiAppMonitor, FortiAuthenticator, FortiBalancer, FortiBIOS, FortiBridge, FortiCache, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCenter, FortiCentral,FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDirector, FortiDNS, FortiEDR, FortiExplorer, FortiExtender, FortiFone, FortiHypervisor, FortiInsight, FortiIsolator, FortiLocator, FortiLog, FortiMeter, FortiMoM, FortiMonitor, FortiNAC, FortiPartner, FortiPortal, FortiPresence , FortiProtect, FortiProxy, FortiRecorder, FortiReporter, FortiScan, FortiSDNConnector, FortiSIEM, FortiSDWAN, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiVoIP, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLCOS and FortiWLM.

Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments. This news release may contain forward-looking statements that involve uncertainties and assumptions, such as statements regarding technology releases among others. Changes of circumstances, product release delays, or other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialise or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.

RSM Australia acquires BDO risk consulting division in Perth

PERTH—RSM Australia, Western Australia’s leading mid-tier accounting firm, has concluded a deal to take on the risk consulting division of BDO Perth. The move will further expand RSM Australia’s risk consulting capabilities by adding BDO’s former chairman of partners, Pippa Hobson, and a team of experienced risk professionals to supplement RSM’s existing risk consulting and security and privacy division. This expansion also positions RSM’s risk practice as a leader in the Perth market.

Pippa Hobson said, “Risk consulting has never been more important as organisations face an increasingly uncertain and challenging economic landscape. COVID-19 has presented new risks to businesses in every industry, which has only added to the already-present risks, including sustainability, governance, fraud and more. Additionally, as the number and sophistication of cyber-attacks increase, organisations need to improve their overall cyber resilience in order to respond to and recover from these incidents.”

Dan Hutchens, RSM’s WA risk consulting leader, added, “Western Australian businesses need on-the-ground risk advisory services that can help them navigate the complexities of risk in their organisations, receiving advice that is specific to their unique situation. By adding this capability to RSM’s risk consulting group, we anticipate that local businesses will benefit significantly. We look forward to working with existing and new clients to manage these risks and improve business performance.”

RSM’s specialist risk consulting and technical expertise will be further bolstered by this move.

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About RSM Australia
RSM Australia is an independent member firm of RSM, the sixth-largest professional services accounting and consulting organisation in the world. RSM Australia is a full-service national accounting and advisory firm delivering expert corporate financial and advisory accounting services to clients across diverse industry sectors. Its one-firm structure means clients can more readily connect to its extensive national and international networks, expertise and industry experience. RSM has 31 offices across Australia, combined with over 98 years’ experience. The RSM network spans 120 countries and comprises 750 offices.

UXC Eclipse acquires Microsoft Dynamics AX and Microsoft BI divisions of Koorb Consulting

UXC Eclipse LogoOctober 1, 2015 – UXC Eclipse (New Zealand) Ltd, a leading provider of intelligent business solutions to the enterprise and mid-market, has announced the acquisition of selected assets, which are the Microsoft Dynamics AX and Microsoft Business Intelligence (BI) divisions (KAX), of Koorb Consulting (1999) Ltd in New Zealand. UXC Eclipse is a wholly owned subsidiary of UXC Limited.

Koorb Consulting is a highly successful Microsoft Dynamics Gold Partner with 16 years history in the New Zealand market. Koorb has built a customer base of more than 90 Microsoft Dynamics AX and BI sites.

Bradley Stroop, CEO, UXC Eclipse, said, “There are great synergies between UXC Eclipse and the Koorb Consulting business. This acquisition sees two very similar businesses come together, both with a Microsoft Dynamics AX and BI focus, and significant market presence.

“Today’s acquisition positions UXC Eclipse as the largest Microsoft Dynamics AX partner in New Zealand and one of the top two largest AX partners globally. Expanding the New Zealand business will bring the global UXC Eclipse team to well over 600 people and customer numbers to over 2,700 globally.”

UXC Eclipse has been established in New Zealand since 2006 with a strong Microsoft Dynamics GP and NAV practice. The addition of the Koorb Microsoft Dynamics AX and BI divisions presents an opportunity for the company to leverage its existing New Zealand, Australian and Pacific ecosystem and infrastructure to support further business growth.

Nicholas Birch, joint managing director, Koorb Consulting, said, “With international reach and a broader range of solutions and services, UXC Eclipse offers a strong base that will take the Koorb AX and BI business divisions to the next level of growth. The company is well-placed to support existing customers with international sites in Australia and North America.”

Paul McDowell-Hook, joint managing director, Koorb Consulting, said, “This is an exciting time for our teams in the AX and BI divisions as they become part of a large, highly successful global company with a history of sustained growth, high levels of customer satisfaction and staff retention.”
Cris Nicolli, managing director, UXC, said, “In the last 18 months, UXC Eclipse made two significant acquisitions in North America, growing the company in the United States to over 200 people with local revenues currently at $68m. Today’s acquisition sees a renewed focus on the APAC region, where we have always been highly successful. It will cement UXC Eclipse’s position as the largest Microsoft Dynamics AX partner in New Zealand, expanding the business with more than 50 staff and over 200 local customers.”
Bradley Stroop said, “Microsoft Dynamics AX is the flagship enterprise and upper-midmarket ERP solution for Microsoft and one of its fastest growing product lines. With more than 55 per cent of UXC Eclipse’s revenue expected to come from the AX product suite in FY2016, this acquisition supports the strategic direction of the business.”

UXC Eclipse will integrate the Koorb Dynamics AX and BI professional services teams within its existing New Zealand professional services infrastructure. Koorb and UXC Eclipse will continue to work collaboratively in the local market with a preferred partner relationship. Moving forward Koorb will focus on its Microsoft CRM and SharePoint business streams.

The finalisation of the transaction is still subject to completion of key arrangements and signing of documents.

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About UXC Eclipse
UXC Eclipse is a leading provider of intelligent business solutions to the enterprise and mid-market.

Established in 1991, UXC Eclipse’s success has been built by providing the highest levels of service and offering a choice of solutions from leading software vendors. UXC Eclipse also delivers industry-specific (vertical) solutions on the Microsoft platform to meet ERP and CRM requirements.

UXC Eclipse’s service offerings include applications business consulting & project management, applications development, corporate performance management and business process management.

With a team of over 600 people across 16 international offices (Australia, New Zealand, Fiji, Canada and the United States), UXC Eclipse is committed to supporting over 2,700 customers.

For more information, visit our website at http://www.uxceclipse.com.au

 

About Koorb Consulting

 

Established in 1999, Koorb Consulting is a 100% privately owned New Zealand company specialising in Microsoft Dynamics AX and CRM, Microsoft BI and SharePoint. The company has offices in Auckland, Wellington. Christchurch, Dunedin and Melbourne, Australia.

Over the last 16 years Koorb built the largest Dynamics AX practice in New Zealand, winning numerous industry awards. Koorb’s BI practice is dedicated to maximizing the value the company’s AX customers achieve from their investment.

The Koorb CRM practice, established in 2012, has a rapidly growing and highly talented consulting team and an high-profile customer base. Awards won include Microsoft NZ Partner Award for CRM 2013 and Microsoft NZ Partner Award for Innovative Technology for Good Citizenship 2015. Koorb’s SharePoint practice provides solutions which are recognized for their ability to exceed customer expectations.

Koorb is a Microsoft Gold Partner for both Dynamics CRM and SharePoint.

Fortinet closes acquisition of Meru Networks

Wavelink LogoFortinet (NASDAQ: FTNT), the global leader in high-performance cyber security solutions, has announced it has closed the acquisition of Meru Networks (NASDAQ:MERU), a leader in intelligent Wi-Fi networking. With the close of this acquisition, Fortinet expands on its secure wireless vision and enterprise growth focus, broadens the company’s solutions portfolio, and expands its opportunity to uniquely address the $5B global enterprise Wi-Fi market with integrated and intelligent secure wireless solutions.

Fortinet’s proven solutions in secure Wi-Fi markets, with its FortiAP secure wireless access points and FortiWiFi integrated security appliances for enterprise branch offices and small businesses have been among the fastest growing products in the company’s “advanced technologies” portfolio. The addition of Meru’s intelligent Wi-Fi solutions to the Fortinet portfolio extends the delivery of a secure, uninterrupted user experience – anytime anywhere – providing peak performance in environments requiring high capacity load and a high-density of wireless users, such as enterprise, education, healthcare, and hospitality.

“To truly protect against all possible attack vectors, we are continuing to expand our market-leading end-to-end security platform to provide customers with the visibility and continuous threat protection they need – from the data centre, to the cloud to the end-point,” said Ken Xie, founder, chairman and CEO of Fortinet. “We expect the acquisition of Meru to help us deliver new solutions and services to help enterprises of all sizes deploy, manage, and secure wired and wireless networks in a mobile era.”

Fortinet and Meru customers will benefit from Fortinet’s commitment to providing secure, uninterrupted connectivity for their highly mobile end-users, while offering channel partners a broader solutions portfolio to take to market.

With the completion of the transaction, Meru employees officially join Fortinet.

In connection with the acquisition, Fortinet is paying $1.63 per Meru share in cash, an equity value of approximately $44 million for the transaction. Fortinet first completed the tender offer for all outstanding shares of Meru by accepting for payment all such shares validly tendered and not properly withdrawn as of the expiration time of the tender offer, which represented approximately 60.18% of Meru’s outstanding shares. Subsequently, a wholly-owned subsidiary of Fortinet merged with and into Meru, resulting in Meru becoming a wholly owned subsidiary of Fortinet. As a result of the merger, all remaining shares of Meru not purchased by Fortinet in the tender offer (other than shares owned by Meru, Fortinet or their subsidiaries and shares subject to properly exercised appraisal rights claims) were converted into the right to receive the aforementioned cash payment. All shares of Meru are expected to be delisted from the NASDAQ stock market.

About Fortinet
Fortinet (NASDAQ: FTNT) protects the most valuable assets of some of the largest enterprise, service provider and government organisations across the globe. The company’s fast, secure and global cyber security solutions provide broad, high-performance protection against dynamic security threats while simplifying the IT infrastructure. They are strengthened by the industry’s highest level of threat research, intelligence and analytics. Unlike pure-play network security providers, Fortinet can solve organisations’ most important security challenges, whether in networked, application or mobile environments – be it virtualised/cloud or physical. More than 210,000 customers worldwide, including some of the largest and most complex organisations, trust Fortinet to protect their brands. Learn more at http://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2015 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and unregistered trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, FortiGate, FortiGuard, FortiManager, FortiMail, FortiClient, FortiCare, FortiAnalyzer, FortiReporter, FortiOS, FortiASIC, FortiWiFi, FortiSwitch, FortiVoIP, FortiBIOS, FortiLog, FortiResponse, FortiCarrier, FortiScan, FortiAP, FortiDB, FortiVoice and FortiWeb. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, binding specification or other binding commitment by Fortinet, and performance and other specification information herein may be unique to certain environments. This news release contains forward-looking statements that involve uncertainties and assumptions, such as statements regarding product releases, the anticipated benefits of Fortinet’s acquisition of Meru and Fortinet’s future plans for Meru’s business. Changes of circumstances, product release delays, risks that the anticipated benefits of the acquisition may not be realised, changes in business plans or other risks as stated in our filings with the Securities and Exchange Commission, located at www.sec.gov, may cause results to differ materially from those expressed or implied in this press release. If the uncertainties materialise or the assumptions prove incorrect, results may differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements. Fortinet assumes no obligation to update any forward-looking statements, and expressly disclaims any obligation to update these forward-looking statements.

Fluke 2638A Hydra Series III Data Acquisition System provides best-in-class thermocouple accuracy in a portable system

Fluke 2638ANovember 6, 2013Fluke Corporation introduces the Fluke® 2638A Hydra Series III, the latest addition to the Hydra line of Data Acquisition Systems / Digital Multimeters.

The Fluke 2638A features a full-colour display with an easy-to-use menu system, DC measurement accuracy of 0.0024 per cent, 6.5 digit DMM mode and CAT II safety ratings. This makes it a truly industrial grade, precision data acquisition (DAQ) system.

The 2638A incorporates the Fluke Universal Input Connector that supports 15 common thermocouple types and delivers thermocouple accuracy of 0.5 degrees Celsius. The inexpensive, plug-in Universal Input Connector has 22 channels of differential analogue input (expandable to 66 channels) for wiring multi-channel systems. Once a system is wired, the connector can be disconnected and the 2638A moved and connected to another input connector, eliminating the need to disconnect and rewire test setups.

Selectable measurement input types include dc voltage, ac voltage, resistance, thermocouple, RTD, thermistor, frequency, and dc and ac current.

The Hydra Series III has 20 on-board math channels with alarm settings for even complex math calculations that record results to your data file during each scan. It can chart real-time data of up to four channels at once with a history mode that allows scrolling through previously collected data within the scan file without a PC or expensive charting programs. Optional application software is available for connecting several units together for larger system configuration of up to 2000 channels. 

The Hydra Series III has on-board memory for storing more than 57,000 data records and configuration files, as well as a USB port to collect and store large files directly to a USB drive. The USB and LAN interfaces allow easy connection to PCs and networks.

# # #

Fluke Corporation
For information on Fluke tools and applications or to find the location of your nearest distributor contact Fluke Australia, Locked Box 5004, Baulkham Hills, NSW 2153, call (02) 8850-3333, fax (02) 8850 3300 or e-mail sales@fluke.com.au. Visit Fluke’s website at www.fluke.com.au.

About Fluke
Founded in 1948, Fluke Corporation is the world leader in compact, professional electronic test tools. Fluke customers are technicians, engineers, electricians, and metrologists who install, troubleshoot and manage industrial, electrical and electronic equipment and calibration processes.

Follow Fluke on Facebook, Twitter, Google+, YouTube or LinkedIn.

Fluke is a registered trademark of Fluke Corporation. The names of actual companies and products mentioned herein may be the trademarks of their respective owners. For more information, visit the Fluke website.

16 per cent of ASX 300 companies write down $2.077 billion in 2012 financial year

RSM_Bird_Cameron_Logo@2xAugust 15, 2013 – 16 per cent of the ASX 300 companies reviewed in RSM Bird Cameron’s Business Acquisition and Impairment Review 2013 recorded impairment losses (the amount by which the carrying amount of an asset exceeds its recoverable amount*), resulting in a total write down of $2.077 billion in the 2012 financial year.

This is an increase of 11 per cent compared with the 2011 financial year, in which 5 per cent of companies recorded impairment losses, resulting in a total write down of $1.083 billion.

21 per cent of the non-ASX 300 companies reviewed recorded impairment losses, resulting in a total write down of $73.4 million in the 2012 financial year. This is a 10 per cent increase on 2011, when 11 per cent of companies recorded impairment losses, resulting in a total write down of $131.5 million.

Glyn Yates, director of corporate finance, RSM Bird Cameron, said, “Certain triggering events result in a requirement for assets to be tested for impairment. In addition, assets such as goodwill are subject to mandatory impairment testing at least annually, irrespective of whether there is any indication of impairment.

“Impairment charges continue to be recognised in relation to acquired intangible assets. This is because listed entities have continued to struggle to justify asset values purchased at historically high price levels prior to the GFC.

“Companies are having to reassess future business plans and profitability forecasts in light of the continued economic uncertainty and recognise impairment charges accordingly. Impairment charges can have a significant impact on an entity’s reported results and net asset position.”

RSM Bird Cameron’s Business Acquisition and Impairment Review 2013 analyses the financial statements of a diverse cross-section of Australian listed companies to assess the financial reporting impact of acquisitions made by these companies.

Segmented into ASX 300 and non-ASX 300 entities, the report offers insight into the differing acquisition and accounting strategies of large, medium and small companies.

RSM Bird Cameron’s Business Acquisition and Impairment Review 2013 also analyses:
* acquisitions in 2011 and 2012
* the structuring of deals (cash, equity or earn-out)
* intangibles (goodwill, brands, trademarks, patents, customer contracts and software) as a percentage of total consideration
* purchase price allocation and amortisation
* discount rates used for impairment testing.

* http://www.aasb.gov.au/Pronouncements/Glossary-of-defined-terms/Definitions-I.aspx

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About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia with national ownership and profit sharing and offers a full range of specialist advisory services, including business consulting and advisory, assurance and advisory, taxation consulting, corporate consulting and turnaround and insolvency. RSM Bird Cameron is a core member firm of RSM International, the seventh largest network of independent accounting and consulting firms in the world.

UXC Eclipse expands its footprint in North America through acquisition of Cole Systems

UXC Eclipse LogoSydney, 17 December 2012 – Eclipse Intelligent Solutions (USA) Inc., the USA entity of UXC Eclipse today announces it is expanding its footprint in North America through the acquisition of Cole Systems. UXC Eclipse is a wholly owned subsidiary of UXC Limited.

Cole Systems is one of Microsoft’s most respected Dynamics Enterprise Resource Planning (ERP) and Customer Relationship Management (CRM) partners in the USA. The company works with a broad range of medium to large companies. Based in New York, Cole Systems has annual revenues of around USD$10m.

Access to the global skills, infrastructure and financial support of UXC will add significantly to Cole Systems in this high growth market of the US and Canada.

Cris Nicolli, UXC Managing Director said “UXC Eclipse already has a leading position in the ANZ market and sees significant growth potential in North America. The addition of Cole Systems’ portfolio will expand the North American operations and improve the company’s position as one of the largest Microsoft Dynamics partners globally.”

UXC Eclipse is a Gold Partner for Microsoft Dynamics ERP and CRM and the leading Microsoft Dynamics partner in Australasia. By joining forces with Cole Systems, UXC Eclipse will be able to further expand its ERP leadership.

UXC Eclipse provides intelligent business solutions and is leading member of the Microsoft Certified Partner Network.

The company was established in 1991 in Australia and became a part of UXC Limited in 2002. Australian-owned, the company has had solid growth since its inception and now employs 400 people.

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ABOUT UXC ECLIPSE
UXC Eclipse is a leading provider of intelligent business solutions to the mid-market.

Established in 1991, our success has been built by providing the highest levels of service and offering a choice of solutions from leading software vendors. We also deliver industry-specific (vertical) solutions on the Microsoft platform to meet ERP and CRM requirements.

Our service offerings include applications business consulting & project management, applications development, corporate performance management and business process management.

With a team of over 400 people, we are committed to supporting over 1200 customers.

ABOUT UXC LIMITED
UXC Limited is an ASX listed Australian business solutions company, and the largest Australian owned ICT consultancy firm. UXC services medium to large entities in the private and public sectors across Australia and New Zealand.

UXC provides ICT Solutions in Consulting, Business Applications and Infrastructure that support our customers to design, implement & enhance, and operate & manage their ICT requirements.

UXC strives to be the leading Australasian IT Services and Solutions Company, delivering value, innovation and responsive business outcomes with excellent people.

GFC has significant impact on M&A activity in Australia in the 2009 financial year

Melbourne, Monday, December 7, 2009 – RSM Bird Cameron’s 2009 Business Acquisition and Impairment Review, released today, has found a significant decrease in Australian M&A activity during the 2009 financial year.

The review found the total cost of business acquisitions had reduced by more than 50 per cent, due to the impact of the global economic crisis.

The inaugural annual review analyses the financial statements of a diverse cross-section of 150 Australian listed companies to assess the financial reporting impact of acquisitions made by these companies during the 2008 and 2009 financial years.

The analysis is segmented into ASX 300 and non ASX 300 entities providing insight into the different acquisition strategies of large, medium and small companies.

“With the global credit crunch restricting the availability of debt and equity capital, particular emphasis has been placed on assessing the impact of credit rationing on the Australian M&A markets,” said Glyn Yates, principal corporate finance, RSM Bird Cameron.

“We have also analysed the impact of acquisitions made in a prior year, on current year financial performance. This is of particular interest given the high level of M&A activity and asset prices we saw at the peak of the market in the 2007 and 2008 financial years.”

The review also analyses the impact the introduction of AASB 3 Business Combinations has had on the financial statements of acquiring companies.

RSM Bird Cameron is one of Australia’s leading accounting, tax and consulting firms, servicing mid-sized companies in Australia.

RSM Bird Cameron has a dedicated corporate finance team specialising in mergers, acquisitions and business development; transaction support and due diligence; capital market support; financial model construction and review; litigation support and forensic investigation; and valuation and expert reports.

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To download a copy of RSM Bird Cameron’s 2009 Business Acquisition and Impairment Review, visit www.rsmi.com.au.

To receive a hard copy of RSM Bird Cameron’s 2009 Business Acquisition and Impairment Review, email sarah.foley@rsmi.com.au.

About RSM Bird Cameron
RSM Bird Cameron is the largest mid-tier accounting firm in Australia serving the middle market with technical and commercial expertise over the full range of specialist corporate and business advisory services including assurance and advisory, corporate finance, taxation consulting and turnaround and insolvency.

RSM Bird Cameron is a core member firm of RSM International, the seventh largest accounting and consulting organisation in the world.

Media Contact
Traci St Lawrence
Recognition PR
02 9252 2266
tsl@recognition.com.au