Hyro takeover 'imminent'

Mysterious buyer expected to secure shareholder support.

A takeover of Australian digital services agency Hyro by an unnamed global competitor is imminent as the company prepares to take the vote to shareholders.

Hyro last week issued a statement to the Australian Stock Exchange informing the market negotiations had progressed “significantly” since the offer was first received on December 9 last year.

Newly appointed Hyro CEO Dr. Anthony Poiner told CRN discussions had progressed to the point where both parties were working to “relatively short” timelines in which to communicate the deal to shareholders.

“Real intent between both parties is clear,” he said. “At this point given the goodwill in the discussion, and the clear opportunity we see, I think it’s going to be a pretty exciting prospect.”

Poiner declined to comment on the identity of the interested party or the dollar value of the deal.

He said that while the specifics of how Hyro’s operations were to be combined with those of its unnamed suitor were yet to be finalised, there was “no doubt” the deal spelt opportunity over risk for its employees.

“It means more opportunity for our clients because we’ll be able to tap into current innovations going on in other parts of the world, and we’ll be able to bring our own innovations to other parts of the world,” Poiner said. “And I think frankly it will be pretty exciting for people working in the industry, creating more interesting prospects locally.”

Hyro markets itself as Australia's oldest digital services company with some 150 staff in Australia and Thailand, providing a range of services spanning systems integration, identity management and Web 2.0 design.

Poiner said Hyro's strengths in digital services was the key driver behind its unnamed suitor's desire for an acquisition.

“We have a business which has got tremendous prospects in Australia, and the other party sees that and wants to take that on board within their broader business, which equally has tremendous prospects across multiple regions around the world,” Poiner said. 

“It really is an attractive market, with digital needs of companies expanding and moving ahead at such a fast rate. In many ways the promise of the internet coupled with mobility and interactivity is coming to fruition now.”

Poiner joined Hyro as CEO in December last year, following an executive reshuffle which saw former CEO Bill Votsaris named executive director of the company.