05/07/2017 - 15:04

Veris leaves Otoc behind

05/07/2017 - 15:04

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Listed company Veris, which has built a national surveying and town planning operation over recent years, has discontinued its foundation business, mine camp contractor Otoc Australia, after carving-out Otoc's communications arm into a new entity.

Veris leaves Otoc behind
Adam Lamond says the decision will reposition Veris as a focused professional services business.

Listed company Veris, which has built a national surveying and town planning operation over recent years, has discontinued its foundation business, mine camp contractor Otoc Australia, after carving-out Otoc's communications arm into a new entity.

Perth-based Veris, which until last November was known as Otoc, has taken the communications division of the Otoc Australia subsidiary and renamed it AQURA Technologies, which provides specialist information technology, communications, managed services, remote operations and consulting services.

The infrastructure division of Otoc, meanwhile, will be discontinued following the completion of remaining contracts.

“The decision to divest Otoc Australia follows the completion of a large offshore infrastructure project, continued fragility in resources construction activity, and the strategic focus by Veris on professional services, with a national growth strategy in surveying, town planning and urban design,” Veris said in a statement.

Veris has made a number of acquisitions in the surveying and urban design fields over the past 18 months, including most recently the purchase of Canberra-based LANDdata Surveys late last month, and brought back its former managing director Adam Lamond into the same role.

“We are excited to launch Aqura as a new, standalone business, benefiting from long-term client relationships and technology developed within Otoc Australia over the past 12 years,” Mr Lamond said.

“The Aqura team, led by Travis Young, will continue to provide innovative solutions to clients in remote, commercial and urban environments while also supporting the growth of Veris’s surveying, town planning and urban design business as it continues to implement its national strategy.

“The divestment of Otoc Australia is expected to be completed in FY18 and will reposition Veris as a focused professional services business.”

Veris shares were 3.2 per cent lower to 15 cents each at the close of trade.

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