Orcon sold off?

Forums › 2degrees (including Slingshot, Orcon, Flip, Stuff Fibre, MyRepublic, 2talk and Vocus) › Orcon sold off?

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networkn

Networkn
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#799802 15-Apr-2013 19:07

mattwnz:
NonprayingMantis:
myfullflavour: I wonder if it went for more than 24mil. Looking forward to seeing the figures later on.

As an SOE, is Kordia subject to the Official Information...?

It does feel right that a SOE no longer runs a major ISP.

If it;s fair value back then ws $24m, one would think (hope!) it is worth more now.

however, the broadband market was very profitable back then and as a Kordia guy put it recently it is now "a race to the bottom".

They also purchased some other companies since then, which should have increased the value. They purchased iserve, not sure how much that cost them?

Really hope they improve their web hosting support. (currently waiting for a reply and can sometimes takes days ) Ringing is faster but shouldn't be, as that would cost them a cell phone call each time I call them, while email is free.

Sadly Orcons purchases of other entities have been from my perspective and epic failure and have greatly de-valued the purchases as they went. They expanded way to quickly, with no real management team in place or process around acquisition and staff management They are still around because of the aggressive marketing of lower priced offerings and release of products like Genuis (Which again showed a complete lack of understanding around popularity and how to cope with overwhelming demand).

I am not aware of what profits they made in the last few years but it would be hard to believe it would be worth significantly more now than it was 5 years ago.

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nickb800

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#799887 15-Apr-2013 21:29

Do we know if Iserve went the Orcon way or the Kordia way? (I thought it might have fitted better in the new B2B focused Kordia follow recent restructuring)

I would think that most of the proceeds will be returned to the govt as a dividend, fairly small as the current asset sales go but well under the radar nonetheless

freitasm

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#799893 15-Apr-2013 21:44

iServe is part of the Orcon deal.

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#800290 16-Apr-2013 16:05

mattwnz:
They also purchased some other companies since then, which should have increased the value. They purchased iserve, not sure how much that cost them?

Not a lot :D

mattwnz

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#800296 16-Apr-2013 16:17

WhiteRabbit:
mattwnz:
They also purchased some other companies since then, which should have increased the value. They purchased iserve, not sure how much that cost them?

Not a lot :D

I would have thought it would have been in one of Kordias old company reports but didn't see any mention of it.
I think Kordia probably got a fair price for orcon, considering the current market.

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#800328 16-Apr-2013 16:46

mattwnz:
WhiteRabbit:
mattwnz:
They also purchased some other companies since then, which should have increased the value. They purchased iserve, not sure how much that cost them?

Not a lot :D

I would have thought it would have been in one of Kordias old company reports but didn't see any mention of it.
I think Kordia probably got a fair price for orcon, considering the current market.

I worked at iServe during the sale, put it this way all of the owners of iServe are now employees of other companies. i.e. No one retired or became an "investor" :)

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#800334 16-Apr-2013 16:55

freitasm: iServe is part of the Orcon deal.

I hope for iServe/Orcon's sake they turn this around. A good number of customers who churn websites to us come from iServe.

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#800336 16-Apr-2013 16:58

WhiteRabbit:
No one retired or became an "investor" :)

That is often the case though, people don't just retire, even if they have made enough to retire on. Seeby who originally owned Orcon didn't retire when he could have, he has now setup Voyager, now the restraint of trade is over. But he could have retired easily, but what would people do with their day.

networkn

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#800356 16-Apr-2013 17:21

myfullflavour:
freitasm: iServe is part of the Orcon deal.

I hope for iServe/Orcon's sake they turn this around. A good number of customers who churn websites to us come from iServe.

That is an interesting thing to wish for given you are benefiting from their incompetence.

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#800371 16-Apr-2013 18:01

networkn: That is an interesting thing to wish for given you are benefiting from their incompetence.

Yes but there are a bunch of customers who know no better. So if they get a better experience regardless of whether they are with us or not, that's great.

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#807449 29-Apr-2013 15:19

Just received:

Orcon has established four new positions on its leadership team, as the company positions itself for growth.
Simon Wilson will fill the new role of GM Business, Brent Nicholson the new GM Corporate and Government role, with David Clarke taking up the role of GM Wholesale and Regulatory.

Simon Hayden will fill the new role of GM of New Markets and Media, and will start May 27.

Wilson, Nicholson and Clarke start their roles immediately, joining other new appointees, Warren Hurst CTO, Tony Reimann COO, and Greg McAlister CEO.

McAlister says the new appointments signal Orcon’s clear vision to grow and expand into new areas of business.

“We truly believe Orcon is ready to expand operations and further cement itself as a leader, delivering innovation across a range of markets.”

McAlister says many of the new GMs will be tasked with building teams to ensure capability, and he expects Orcon to hire a number of new staff in coming months.

“This really is a new era for the company, and we plan to unveil new products, plans, and innovations very soon.”

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