Digital services agency Hyro has been placed into a trading halt ahead of an announcement expected for Thursday this week.
The Victorian agency last December revealed it had commenced talks with an unnamed global competitor regarding a possible takeover. In February it said it would ask shareholders to vote on what was described as an "imminent" deal.
Newly appointed Hyro CEO Dr. Anthony Poiner told CRN at the time the proposed deal would utilise Hyro’s strengths in the digital services sector.
“It means more opportunity for our clients because we’ll be able to tap into current innovations going on in other parts of the world, and we’ll be able to bring our own innovations to other parts of the world,” Poiner said. “And I think frankly it will be pretty exciting for people working in the industry, create more interesting prospects locally.”
He declined to comment on the identity of the interested party or the dollar value of the deal. The company's share price was at $0.46 when trading was halted. It has a market cap of $12 million.
Poiner joined Hyro as CEO in December last year, following an executive reshuffle which saw former CEO Bill Votsaris named executive director of the company.
Hyro last week won a five-year, multi-million dollar deal with New Zealand’s Ministry of Education to build a web-based identity and access management service, in partnership with Gen-i. Global solutions provider Infosys would offer ongoing management for the infrastructure and oversee the initial deployment.
Update March 28: In a statement to the ASX today Hyro confirmed the impending announcement would contain information "materially significant" to the December buyout offer.
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