IntegraTec sold for the second time this year
IntegraTec has been sold to an Internet hopeful for the second time this year.
Recently listed worldschool bought the financial planning training group earlier this month for $2 million in cash. The purchase follows the acquisition by Intracorp in March this year which intended to use the group's training products for its financial planning web portal B4Bco.
IntegraTec general manager John Prowse says Intracorp's put IntegraTec on the market due to deteriorating market conditions in the Internet sector. The heavy slug on technology stocks since April forced meant B4Bco to suspend its planned mid year opening of the web portal. Intracorp has since shelved the idea altogether.
"The market moved against B4Bco and it made a decision to dedicate itself to other titles. At the same time we continued to act as an autonomous company with our own products," Prowse says.
It is understood there was interest from a number of other parties in IntegraTec prior to the worldschool purchase, including a publishing group.
Prowse says worldschool plans to use IntegraTec's training products as a base for a financial services web site. Under the terms of the deal, Prowse will continue as chief executive officer and take up a seat on the IntegraTec board.
Prowse says the purchase of IntegraTec is in line with worldschool's plans to expand its focus and training into the corporate education market and to maintain IntegraTec's financial services focus.
Prior to the purchase, worldschool concentrated on training for the secondary schools market.
"Worldschool is a dedicated Internet-based provider and we will of course tap into that and the development of products in the online area," Prowse says.
Prowse says some immediate benefits will be flowing from the sale in the coming weeks.
"First off the rank is expected to be online assessment of our Diploma of Financial Planning (DFP) equivalent modules, meaning that candidates will have an instant result on completion of their exams," he says.
IntegraTec has so far focussed its education products on continuing professional education (CPE) requirements and equivalent elements of some units in the Diploma of Financial Planning (DFP). It has also developed assessment for compliance levels required under ASIC policy statement 146 (PS146).
AUTHOR
Jason Spits
Recommended for you
The central bank has released its decision on the official cash rate following its November monetary policy meeting.
Melbourne advice firm Hewison Private Wealth has marked four decades of service after making its start in 1985 as a “truly independent advice business” in a largely product-led market.
HLB Mann Judd Perth has announced its acquisition of a WA business advisory firm, growing its presence in the region, along with 10 appointments across the firm’s national network.
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
