Auckland IT distributor Renaissance is extending its reach into the South Island by buying Christchurch distributor Insite Technology for $5.2 million.
The acquisition will also expand Renaissance’s portfolio to include the plum Palm range, Asustek, Itec, Creative Labs, Philips and Fujitsu. Renaissance’s agencies already include 3Com, Apple, Compaq, Hewlett-Packard, Microsoft and Toshiba.
Insite, which has forecasted sales of $40 million this year, will continue to run as a separate company. The two companies' combined annual sales for this year will be around $200 million, according to Renaissance managing director Mal Thompson.
Insite managing director Peter Brett will join the senior management team of Renaissance.
Renaissance plans to apply its Conduit e-business technology to the new subsidiary. Conduit, which is new division of Renaissance, is charged with taking the e-business platforms and technology that Renaissance has developed for its distribution activities to a wider market.
Renaissance is looking at opening a Conduit office in Singapore this year, followed by offices in Hong Kong and Malaysia.