Bay of Plenty-based Mark Two Network has been sold to fellow local IT firm Business Technology Solutions after failing to find investors.
Mark Two Network CEO Mark Rundell says his firm began seeking investors about a year ago but a sale became more likely around Christmas.
“We worked very hard to find investors and spent considerable time and resources. In the end we didn’t find people who were willing to invest under the conditions we wanted. Our choices became quite limited,” Rundell says.
Rundell says ensuring staff retained their jobs became the priority in the sale process. He says all 11 staff employed by Mark Two at the time of the sale were offered contracts with Business Technology Solutions.
An email from Mark Two to clients says the sale took effect on 12 March.
Rundell says he and former business partner Mark Simpson will work with Business Technology Solutions for a three-month transition.
Business Technology Solutions’ general manager Craig Teal declined to comment on the sale.
Mark Two was established six years ago.