By ADAM GIFFORD
Former Solution 6 executives Rowan Schaaf and Doug Hanna have emerged as the new owners of Terabyte Interactive, formerly part of the IT Capital stable.
IT Capital announced the sale was pending in August without revealing the buyers, and posted a release on its site last week reporting
the completion of a management lead buyout, again without naming names or prices.
It said it injected more than $2.1 million in cash into the business in the past financial year, including $250,000 in the fourth quarter.
Terabyte finished the financial year to March 31 with a $1.7 million loss.
As IT Capital's only 100 per cent-owned investment, the company has struggled with Terabyte as a non-strategic asset and says it regards this sale as a chance for both companies to move forward on a positive note.
Schaaf refused to reveal the purchase price, but said it might come out through IT Capital's accounts.
As part of restructuring, IT Capital's new management team, Maurice Bryham and David McKee Wright, wrote down the value of Terabyte and two other investments by $9.7 million, contributing to a full-year loss of $21.4 million.
Schaaf worked with both men at PC Direct, where he was marketing manager, and again at exo-net, which ended up being sold to Australian software conglomerate Solution 6.
In February the pair asked him to help with the management of Terabyte which, like most new media companies, had been hit by the fall in overseas work after September 11.
Terabyte
IT Capital
