Skip to content

ANZ banks on Securenet for secure transaction infrastructure

Document date:  Thu 15 Nov 2001
Published:  Thu 15 Nov 2001 00:00:00
Document No:  183827
Document part:  A
Market Flag:  N
Classification: 

SECURENET LIMITED                             2001-11-15  ASX-SIGNAL-G

HOMEX - Melbourne                                                     

+++++++++++++++++++++++++
SecureNet and ANZ today announced a strategic relationship.

This relationship will see SecureNet provide ANZ's public key
infrastructure (PKI) transaction processing and related Identrus
services through its Australian Trust Centres. ANZ will enter into a
three year service agreement with SecureNet anticipated to generate
revenues in excess of A$8m for SecureNet.

SecureNet will acquire from ANZ a suite of underpinning technology
that will enable SecureNet to offer Identrus and PKI compliant
infrastructure to its customers globally.

This transaction includes an up-front commitment from SecureNet of
$5.5m with additional payments of up to $4.5m dependent on wider
adoption of the services. These commitments will be satisfied by the
issue of SecureNet shares, at $1.62 each, to ANZ. The initial issue
of $5.5m will represent 4.5% of the expanded capital base of
SecureNet.

SecureNet Managing Director, Mr Geoffrey Ross said, "SecureNet has
benchmarked the technology and considers it to provide the best
available platform for delivering transactional services to its
clients".

Mr Ross continued, "the systems we have acquired complement our
existing investment in secure transaction centres and PKI
infrastructure, and we are absolutely delighted to have the
opportunity to deploy and market the technology globally. Gaining ANZ
as an anchor tenant for these services is a major milestone in our
business plan which includes the provision of a broad range of
transaction services to the financial community and users of
financial services".

ANZ Group Managing Director Technology and Shared Services, Mr David
Boyles, echoed his enthusiasm for the relationship by saying, "this
transaction reflects ANZ's commitment to leadership in the
development of core technology for the Bank's benefit, and to taking
those technologies to the market as appropriate".

"SecureNet has been a long term, reliable supplier to the Bank. The
creation of a deeper partnership to capture value from this
technology and source critical transactional services was a natural
progression". 

Mr Boyles went on to say, "the decision to take shares in SecureNet
reflected the strategic nature of the partnership. Whilst we expect
this to be an excellent investment in its own right, we believe it is
particularly appropriate given the importance of security technology
to the Bank and the symbiotic nature of the developments the two
companies have undertaken together".

Mr Ross expressed, "our relationship with ANZ will launch SecureNet
into a leading position in the supply of PKI transaction services,
which is expected to grow exponentially over the next five years,
much as EFTPOS did in the late eighties".

"This represents a major break-through for trust services. It's one
of the first instances globally of a major bank committing its secure
transaction processing infrastructure to a bureau style provider. It
confirms our business model which recognises the emerging role of
trusted third parties. We are looking forward to other major
initiatives in this direction over the ensuing year". 

The transaction is subject to due diligence and external regulatory
approvals.

TRUST CENTRE

SecureNets Trust Centre provides shared and managed security services
infrastructure and consists of high security gateways for hosting
sensitive applications and data, backed up by accredited network
management procedures, vetted staff, and contingency processes. The
services offered by the Trust Centre include certificate issuance and
management, authentication management, permissions management, smart
card issuance and personalisation, transaction authentication, and
access control. The Trust Centre and its solutions have been
accredited by the Australian Governments Defence Signals Directorate
(DSD), the Australian Security and Intelligence Organisation (ASIO),
and the National Office for the information Economy.

IDENTRUS

To find out more about Identrus visit www.identrus.com.

For further information contact:

Geoffrey Ross
MANAGING DIRECTOR
SecureNet Limited
ph: 852 2586 1971

Paul Edwards
HEAD OF GROUP MEDIA RELATIONS
Australia and New Zealand Banking Group Limited
Ph: 03 9273 6955

                                                                                                                                                                                                                                                                                                                                                                                                                                                   1