Data centre manager Perth iX has emerged from failed entity Didasko to report strong revenue growth over the past six months.
Data centre manager Perth iX has emerged from failed entity Didasko to report strong revenue growth over the past six months.
Sydney-based equity firm Fast Capital, which has more than $70 million in investments, funded the buy-out of Perth iX.
Perth iX managing director Nick Marvin, appointed in August 2004, said the company had doubled its revenue during the past six months.
“It’s a simple business, however it had been made complicated,” he said. “If we just focus on acquiring clients then [Perth iX] becomes a profitable company.”
Mr Marvin said the company had also traded profitably over the past six months after incurring losses in previous years.
The company has a client base of around 300 small to medium companies with 90 per cent from Western Australia, including a number from the mining and resources sector.
Mr Marvin said the company was also working with clients in Mandurah and Bunbury, and to the north, including Wanneroo.
The company is also planning to extend its services further into Asia, having already provided services to clients in Indonesia.
Fast Capital has developed a long-term interest in Perth iX.
“We closely examined the data centre operations and realised it was a sound investment and one that we think can grow rapidly,” Fast Capital director Gavin Donnelly said.
Perth iX was originally established in May 2001 by Ross Smith’s daytraderHQ, which spent $3.6 million establishing the data centre.
The data centre was acquired by e-Span Solutions in January 2004 for $1 million, while daytraderHQ has since changed its name to Halcyon Group and switched its focus to the mining sector.
e-Span Solutions, formerly owned by Avanti Group, was bought a month earlier by Didasko, whose core business was in designing, implementing, installing and managing enterprise level IT and telecommunication solutions.
Didasko appointed administrators, Hall Chadwick, on May 5.
Following execution of a deed of company arrangement, Didasko announced the appointment of two new directors, Cliff Gibson and Wes Medford, and resignation of Don Fraser (chairman) and Harry Hill (deputy chairman) on July 22.
