Media Release - Andy Brown Retires

2 April, 2007

New Era of Opportunity for Neller
 

Leading On Demand workforce management solutions company, Neller, has been sold by majority shareholder Andy Brown in a management buy-out (MBO) that includes a significant equity investment by ANZ Capital, a division of ANZ. 

The business has been purchased by the company's current Management team headed by Managing Director David Page who joined Neller over five years ago during a key redevelopment and growth phase of the company's service offering. Mr. Page is joined by Neller's senior management team of Sam Xydias, Sylvia Braida, Neil Young and Chris Green.

In taking over the baton from Andy Brown, Page said "I would like to pay tribute to Andy's dedication and vision for Neller since he acquired the company in 1989.  Since 2001, in the role of Executive Chairman, Andy has worked tirelessly with the current management team to effect the successful transition and growth of the business into its position today as the leading provider of On Demand payroll HR systems in Australia."

In response Brown said, "Over recent years my role has increasingly been part time and late last year I decided that it was time for me to exit completely and pursue other interests with my family.  It is very satisfying to know that I am leaving a thriving healthy business in trusted hands."

A multi-million dollar investment by ANZ Capital makes the bank a key shareholder in Neller however it is a passive investor and will have no involvement with the day to day running of the company.

"The ANZ investment ensures we remain an Australian owned company, rather than a subsidiary of an international or competitor firm," Mr. Page said.  "We are an Australian company proudly committed to the needs of our Australian and New Zealand clients. "With the ANZ's financial backing and influence in the broader business community we are very excited to have their support to continue Neller's growth aspirations throughout the region", said Page.

"ANZ Capital was established to provide mid-market companies with access to investment-banking solutions historically available only to 'Wall Street' sized firms.  It has operated for seven years and invested more than $300 million in 60 companies in Australiaand New Zealand", said Director of ANZ Capital Mr. Jeremy Steele.

"We invest in companies looking at growth, acquisitions, and buy-outs, in particular profitable businesses with good management teams." he said.

"Neller has grown into a very successful business managed by a very competent team", he said. "I am particularly delighted for the management team that we have been able to put this transaction together and provide them with significant equity in the company's future."

Mr. Page also announced that a new independent board is to be established for the company, with details to be confirmed shortly.

About Neller:

For over 30 years, Australian owned Neller has been a leading provider of advanced workforce management solutions for medium to large organisations in Australia and New Zealand.  Its leading product, Preceda is a fully integrated, On Demand, web based workforce management system that enables organisations to provide accurate, timely and optimum management of their workforce.  On Demand deployment of Preceda lowers IT costs, simplifies access to employee information for both employees and management and integrates easily with other business web services.

Neller was awarded "Best On Demand Solutions Offering" in the Asia-Pacific region by IBM in 2006.

ANZ Capital has been operating since 2000 and has invested more than $300 million in 60 companies in Australian and New Zealand.  ANZ Capital invests in growing companies and provides funding for growth, acquisitions, and buy-outs, with a focus on businesses with high quality management teams.

Preceda On Demand People Management.

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