Exo-net venture attracts staff capital

By ADAM GIFFORD

While most high-tech companies have to offer shares to lure top-flight staff, New Zealand e-commerce software developer exo-net international has raised a further $1 million in working capital by selling a 5 per cent shareholding to the managers of its new Sydney and Singapore offices.

"They are coming in as operational managing directors and they also wanted to come in as shareholders," said director Simon Brown, vice-president of investments for 35 per cent shareholder IT Capital.

The managing director for Australia, Simon Butler, is a former Fay Richwhite Australian partner.

Tan Hwa Lian, the managing director for Singapore, has also in recent years been a director of Strategic Business Development & Consultancy, a group which advises Singaporean firms how to take their businesses online.

Mr Brown said the exo-net Singapore office would also be the new base for company chief executive David McKee Wright.

The expansion is aimed at winning international sales for exo-net 3000, a web-enabled e-commerce accounting system which is affordable to medium and small businesses.

Mr McKee Wright said there was a huge opportunity in Australia for new accounting systems because of the introduction of GST this year.

"In Singapore, the Government is actively encouraging SMEs [small and medium-sized businesses] to embrace e-commerce."

He said exo-net 3000 could be directly transplanted into the Singapore and Australian GST business environments.