May 22, 2007 – (HOSTSEARCH.COM) – Web hosting provider and domain registrar Melbourne IT (http://www.melbourneit.com.au) is holding on to the FTR (For The Record) Court Reporting Software business it acquired as part of its $64 million 2006 purchase of web hosting company WebCentral. The future of FTR had been uncertain as its business operations fall outside Melbourne IT's core business activities. Mr. Theo Hnarakis, Melbourne IT’s Chief Executive, had previously suggested the company would be sold.
"Having examined the position closely over recent months, we believe that shareholders interests will be best met by integrating FTR into the Melbourne IT Group," Mr Hnarakis is reported as saying recently. He is also reported as suggesting Melbourne IT would develop the FTR business through restructuring, expansion into the law enforcement market, and launching the business in Japan and Europe.
Melbourne IT’s Annual General Meeting recently heard that the company was likely to generate earnings of $8.5 million in the first half of 2007. This is an increase on the same period last year when the company generated $3.4 million, although figures cannot be fully compared due to the WebCentral acquisition. Melbourne IT’s shares have doubled since announcing its decision to buy WebCentral.
