21/05/2009 - 09:25

ThinkSmart expands Spain market

21/05/2009 - 09:25

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West Perth-based ThinkSmart has expanded its reach in Spain with the execution of a new three-year deal with Phone House.

ThinkSmart expands Spain market

West Perth-based ThinkSmart has expanded its reach in Spain with the execution of a new three-year deal with Phone House.

 

The announcement is below:

 

ThinkSmart Limited (ASX:TSM), a leading international computer and office equipment financing company, has grown its distribution channels in Spain, executing a new agreement with Phone House.

In a move set to help boost its already profitable Spanish operations, the three year agreement with Phone House will see ThinkSmart provide its B2B rental finance product through Phone House's direct B2B salesforce.

ThinkSmart already partners with DSG International's PC City chain which has 31 stores throughout Spain.

"The Phone House agreement is an important stepping stone as we expand our partnerships in the Spanish market," said ThinkSmart founder and CEO, Ned Montarello. "This is the first cab off the rank in our strategy to move a number of our European territories to being multi-channel operations."

ThinkSmart's products fills the gap for small business customers between a credit card and bank loan, enabling them to get on-the-spot approval for technology they need via a tax and cash flow friendly operating lease.
Phone House is the Spanish arm of the Best Buy Europe Joint Venture between the U.S. electrical retailer, Best Buy, and Europe's leading mobile phone retailer, Carphone Warehouse.

"Spain has been one of the worst hit of all Western European economies in the global financial crisis, but notwithstanding the challenging conditions, we see upside in the territory through 2009 / 2010," said Mr Montarello. In 2008, the EBITDA contribution from ThinkSmart's Spanish operation was $0.7m.

Phone House recently commenced selling laptops to the B2B market, via a direct sales network around the country, complementing its B2C strategy through its 420 stores in Spain.

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