Solnet plans restructure, Australian push

A holding company has been established, and there will be two subsidiaries set up within the next few weeks

Solnet Solutions is about to go through a major restructure, which includes establishing an Australian operation.

A holding company, Solnet Group Ltd, has been established, and there will be two subsidiaries set up within the next few weeks, targeting the financial services markets.

The Australian subsidiary is one of these. Sources close to the company say it is being set up on the back of a major financial services deal with a large listed Australian company.

Managing director Mark Botherway says the Australian business will be staffed by a small number of high-end specialists.

The New Zealand subsidiary will be staffed by new hires, growing to around 20 people within the next few months. In the interim, it will contract from Solnet Solutions.

Botherway says the new structure is about maximising operational flexibility.

Solnet Solutions, meanwhile, has announced annual revenue of more than $20 million.

The company has around 150 staff. Botherway says anything approaching 200-plus staff can introduce unnecessary overhead, which is one of the reasons for establishing the subsidiaries.

“Establishing these autonomous businesses will ensure we remain highly efficient, nimble and flexible.”

He expects double-digit growth to continue for the foreseeable future.

“Multinationals are worthy of consideration when it comes to sourcing products but they are not ideal for the vast majority for implementation and support services need by Kiwi clients,” he says.

“Nor are they usually compatible with the needs and aspirations of local staff.”

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