CSG Limited (ASX:CSV) is a publicly listed Australian owned business technology company. The company has been in business since 1988. Over the years the company has grown but in 2012 it has been restructuring its business by selling off divisions and now solely focused on managed print business and print solutions.
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Significant Events
In 2007 CSG listed on the Australian Securities Exchange and expanded into the IT Services market. A year later the company acquired the Commander Managed Services business in the ACT and won the Northern Territory Government contract to supply desktop and server management throughout the Territory. The business also expanded its print services business in regional Queensland.
CSG also acquired Change Corporation Ltd in 2007 and entered in the IT consulting and integration services market for AUS $20 million.
Seeking to have a national footprint, CSG terminated its relationship with Fuji Xerox in favour of Canon but was subsequently required to give existing customers the option of remaining with CSG, or novating to Fuji Xerox A year later, CSG acquired the exclusive distributorship of Konica Minolta Business Solutions in New Zealand as the majority shareholders as well as acquiring the largest dealership of Canon devices in Australia.
In October 2011, an unexpected takeover offer was received by the CSG board. Shortly thereafter, the company reported that other bidders had emerged. However, in December CSG announced that it was withdrawing from the process in the best interest of shareholders
In 2012, company founder, Denis Mackenzie retired from CSG and the Executive General Manager of the Technology Solutions business, Julie-Ann Kerin was appointed Chief Executive Officer and Managing Director.
In July, CSG sold the Technology Solutions business to NEC Australia for a consideration of $227.5 million resulting in a profit on the sale of $92.2 million. Net proceeds from the sale after capital gains tax and other transaction related costs totalled $187.0 million.
Subsequently, CSG undertook an extensive business restructure to stabilise the remaining print business and position it for future growth. CSG now employs approximately 600 staff. CSG now has four division: Business Solutions Australia, Business Solutions New Zealand, Enterprise Solutions, Direct Sales and Finance Solutions.
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References
External links
- CSG Brand Transformation- by Traffic Agency
Source of article : Wikipedia
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