- Spectur (SP3) has officially teamed up with New Zealand-based tech specialist Deus Ex to launch Spectur New Zealand
- The launch comes after some important reseller tests in New Zealand to determine the potential market for Spectur’s security products
- Spectur will own 51 per cent of its New Zealand arm, with channel partner Deus Ex to own the remaining 49 per cent
- The two companies have been working together since July this year
- As part of the deal, Deus Ex’s CEO, Janke van der Vyver, will take on the role of CEO of the new Spectur New Zealand business
- Spectur said that with a comparable culture to Australia and similar business dynamics, New Zealand has been considered an expansion target for quite some time
- Shares in Spectur closed just over one per cent lower today at 7.8 cents each
Spectur (SP3) has officially teamed up with New Zealand-based tech specialist Deus Ex to launch Spectur New Zealand.
Spectur’s new Kiwi arm will provide the company’s security, sensing, and visual artificial intelligence (AI) products to New Zealand customers.
Today’s launch comes after some important market trials with channel partner Deus Ex to test the waters and see what demand for Spectur’s products is like across New Zealand.
And it seems the tests were successful: Spectur said early signs of strong demand, combined with government stimulus programs designed to increase investment into the building and construction sectors in New Zealand, means now is an “opportune” time to launch into the Kiwi market.
In fact, Spectur said that with a comparable culture to Australia and similar business dynamics, New Zealand has been considered an expansion target for Spectur for quite some time.
Spectur New Zealand and Deus Ex
Spectur first signed Deus Ex up as a channel partner in July 2020. Since then, Deus Ex’s subsidiary, Kiwi Security, has been part of a Spectur reseller initiative in New Zealand.
Today, Spectur has struck a deal with Deus Ex to buy a 51 per cent interest in Kiwi Security and rename it to Spectur New Zealand.
As part of the deal, Spectur will buy 51 shares from Deus Ex for NZ$51 (roughly A$48.40), or NZ$1 each (roughly A$0.95), for initial control of the company.
Spectur will also subscribe for 10,149 shares in Spectur NZ and Deus Ex will subscribe for 9751 shares, also at NZ$1 each. This will give the new entity a small initial cash injection of NZ$20,000 (around A$19,000) for early operations.
Spectur Managing Director Gerard Dyson spoke highly of Deus Ex, saying the company is a “trusted and capable” in-country partner.
“We think the culture of Deus Ex and its principals will fit very closely with the culture of Spectur and look forward to a long term, successful relationship, that could be the template for further expansion in the future,” Gerard said.
“The formation of this incorporated joint venture is also a strong validation of two of the foundations for growth that we announced in July 2020. We are growing our reseller networks and also advancing acquisitions with carefully selected targets,” he said.
As part of today’s deal, Deus Ex CEO Janke van der Vyver will take on the role of CEO at Spectur New Zealand.
It was a rollercoaster day for SP3 shares on the ASX, but the company ended up closing the day 1.27 per cent lower at 7.8 cents each.