BDFM Publishers, the TML/Pearson joint venture which owns Business Day and Financial Mail, has acquired a 25 percent stake in electronic business-information company I-Net Bridge for R50-million.
Four companies now own 25 percent each of I-Net Bridge. They are BDFM, publisher TML, technology conglomerate Dimension Data and global information giant Bridge Information Systems.
Because it owns 50 percent of BDFM, TML has the largest single equity investment of 37,5 percent held directly and indirectly.
Valued at R200m when set up by earlier this year by TML, Dimension Data and Bridge, I-Net Bridge is one of the biggest online business publishing venture in SA. TML initially held 50 percent of the shares, of which it has sold half to BDFM.
Apart from access to the content of Business Day and the FM, and TV and radio content from African Business Channel, the BDFM involvement adds further strong international backing to I-Net Bridge. Pearson, publisher of the London Financial Times, owns the other 50 percent of BDFM.
This means that Pearson, through BDFM, now owns an effective 12,5 percent of I-Net Bridge which will carry a significant amount of Financial Times content and information services to the southern African market.
David Bell, chairman of Financial Times Group as well as a Pearson and BDFM director, says: "We are delighted to be part of this venture. It brings together some formidable players in the world information market and it`s going to be of huge benefit to South Africa."
Other international involvement comes from Bridge, with nearly 300 000 terminals around the globe. Bridge is at present the second-largest provider in the world of online business information. The full range of Bridge services and products are available in South Africa through I-Net Bridge.
BDFM managing director Allan Greenblo notes that I-Net Bridge will also release full text and archived editions of Business Day and Financial Mail, as well as various audio and video programmes.
"The substantial investment by our shareholders is wholly consistent with the BDFM growth strategy to leverage our market-leader titles, including the distribution of our print content through specialist electronic channels for which I-Net Bridge is ideal."
I-Net Bridge chief executive Neil Jacobsohn says the combination of these top-ranking local and global information partners, coupled with the power of Dimension Data as the local technology partner, makes I-Net Bridge an impressive force.
"Our goal is to help South African businesses make better decisions. No other grouping in this market can offer a similar depth of content and technology."
I-Net Bridge is already the dominant electronic supplier of information to the professional investment community in SA, with more than 3 500 users across 250 major institutions.
Jacobsohn said I-Net Bridge would be rolling out a series of major electronic information products aimed at the broader corporate market in the fourth quarter of this year.
"We are spending R10-million right now to establish the most-sophisticated Internet content production facility in the country. We will be offering the business market a range of information services the like of which has not been seen before in South Africa."
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