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National takes online stake

NATIONAL Australia Bank’s “new economy” business incubation and acceleration subsidiary, O2-e Limited, has announced an investment and strategic distribution affiliation with Australian Internet business to business company Peakhour Pty Ltd.

National Australia Bank took a $10 million stake in Peakhour Pty Limited’s recent $40 million second capital raising and a $2 million equity stake in the newly formed Peakhour subsidiary, Peakhour Australia Holdings Pty Ltd.

Peakhour Australia Holdings Pty Ltd managing director Glenn Barnes said the deal gave the National the ability to extend its business banking relationships into online services to provide customers with a complete suite of digital business services including Internet access, domain name registration, website building and website hosting under a single account.

Commenting on Peakhour’s first major affiliate deal, founder and CEO David Harrington said the National would be the first Australian bank and one of the first in the world to develop a complete suite of digital services under the one business banking relationship.

There are approximately 60 per cent of Australian small and 89 per cent of Australian medium businesses connected to the Internet.

About 20 per cent of these businesses are now purchasing goods and services online.

“Blue chip companies are now recognising the importance of delivering integrated Internet solutions to their customers,” Mr Harrington said.

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