The New Zealand Superannuation Fund has reached a conditional agreement to purchase New Zealand Post's 35 percent stake in technology services company Datacom for $142 million.
The agreement is expected to become unconditional in early 2013.
Datacom ranks number 38 in the MIS100, the annual report on the top IT using organisations in New Zealand, up from number 41 in the 2011 report. The group employs more than 4000 staff across 22 locations in New Zealand, Australia, the Philippines and Malaysia, with more than 2000 of those employees located within New Zealand.
Datacom ranked number two in the top 10 IT service providers in the latest IDC’s IT Services Tracker. Gen-i remains at the top with a market share of 13.9 percent, but Datacom overtakes HP in the second place, with a 10.3 percent market share.
The acquisition comes on the back of high revenue growth in IT outsourcing and Datacom’s selection as one of three preferred vendors for the government's infrastructure as a service (IaaS) work and its successful leverage of cross-Tasman relationships and resources
The $20 billion New Zealand Superannuation Fund was established to help pre-fund universal superannuation entitlements – with $3.7 billion of its investments in New Zealand, up from $2.4 billion as at 30 June 2009.
Recent New Zealand investments include a 50 percent share of Z Energy, a one-third share in Scales Corporation and a $110 million portfolio of rural dairy farms.