Johannesburg, 23 Mar 1998
Media group Times Media Limited (TML) and technology conglomerate Dimension Data announced today that they would join forces with major international players to launch a R200-million on-line business information service in South Africa. TML chairman Cyril Ramaphosa and Dimension Data chairman Jeremy Ord told a Press conference in Johannesburg that the venture would be the country`s biggest on-line business publishing company. Bridge Information Systems, now the world`s second largest provider of on-screen financial information, will be a shareholder. In addition to TML content, the new venture will also carry content from the Financial Times, research products FT Profile and FT Discovery, as well as the content of Business Day and the Financial Mail, owned by BDFM Publishers (whose shareholders are Pearson, owners of the FTand TML). Internet expertise to the new venture will be provided by The Internet Solution (IS), Dimension Data`s wholly-owned subsidiary, which will take a direct shareholding. The Internet Solution is the largest provider of on-line services to the SA corporate market, serving more than 80% of the country`s blue-chip businesses, according to a recent industry survey. The new business will see the TML company I-Net, already the leading South African supplier of on-line financial information, expanded into an electronic one-stop-shop of business and industry news, investment and companies data, economic and political coverage, forums, transactions, interactive tools and resources and leisure items. "This is a terrific partnership of market leaders, who together provide a formidable range of local and international content, plus on-line expertise, which no other grouping in South Africa can match," said Ramaphosa. John Jessop, MD of Bridge Europe, Middle East and Africa, said South Africa was an important link in the world financial chain. "Bridge, after its acquisition last week of Dow Jones Markets (previously Telerate), is now a genuine global player, and we regard this new venture in SA as a meaningful event in building our world-wide service," he said. David Bell, Executive Director of Pearson, said this was an exciting new venture which would have the full support of the Financial Times. Ananzi, SA`s leading internet search engine developed by The Internet Solution, will also be incorporated into the new venture. Initial shareholders will be: * Times Media Limited, with 50% - TML is one of SA`s biggest media groups, publishing the Sunday Times and other newspapers, trade and consumer magazines as well as owning various electronic media businesses and exhibitions. * The Internet Solution, with 25% - IS is a wholly-owned subsidiary of information technology group Dimension Data, SA`s biggest technology company. * Bridge Information Systems, with 25% - As the second largest global financial information provider, Bridge now has an installed base of 165 000 terminals around the world. Management and staff of the new venture will also take a direct shareholding with the corporate shareholders diluting to provide a stake. In addition, discussions are being held between TML and another potential shareholder. Ramaphosa said the deal combined the business and publishing power of TML and the business publications of BDFM and Pearson with the technology depth of Dimension Data and The Internet Solution, and the financial expertise and existing on-line market share of I-Net and Bridge. Jeremy Ord pointed out that The Internet Solution had captured more than 80% of the corporate Internet and intranet market in South Africa. "The involvement of IS and Dimension data gives the new business a significant technology head start. IS can now add to its unmatched value chain the delivery of information that empowers informed decision making." Ramaphosa said a high-powered management team, drawn from the publishing, financial and on-line markets, had been put together to drive the new venture: * TML Deputy Chief Operating Officer Neil Jacobsohn, who for the last seven years has spearheaded TML`s electronic media development, will head up the new venture as chief executive officer. * I-Net-Bridge MD Anne Finlayson, who has brought I-Net to profitability, will continue as chief operating officer in charge of day-to-day operations. * TML`s New Media Division, which operates all of TML`s Internet sites, including netAssets, Business Day Online, FM Interactive and Business Times Online, will be merged into the new company, with New Media Manager Roy Isacowitz heading up editorial development. I-Net will manage the TML and BDFM web-sites. * I-Net deputy MD Sandy Purbrick will continue to focus on the professional investment market and the roll-out of Bridge products in South Africa. * Mike Renzon, former MD of The Internet Solution`s commercial division, joins the new venture to drive new business development. Jacobsohn stressed that I-Net would continue to provide high-end real-time, historical and analytical services to the professional investment market. "I-Net will in fact expand its professional services, particularly with the launch of the Bridge services in SA, and the acquisition last week by Bridge of Dow Jones Markets, formerly Telerate." I-Net was launched seven years ago as a joint venture between TML and a group of partners in the Ivor Jones Roy & Co stockbroking firm (now Deutsche Morgan Grenfell). TML has since bought out the IJR partners. The new venture will target corporate users through their company intranets, specific industries, professionals, investors and investment brokers and business users at home. A variety of business information services and tools would be offered, from an entry level subscription product to high-value premium products and specialist services. The service will also offer electronic commerce and leisure options to its users. "We will also provide unique electronic opportunities to advertisers to reach the country`s business community and decision-makers." Between them, the partners will provide: * The top business news content in Southern Africa, including brands such as Business Day, the Financial Mail and Business Times, plus television and radio content from African Business Channel and TML Television, plus content from other TML brands, both business and non-business. The TML group includes coastal newspapers, trade, technical and medical publications, trade exhibitions and consumer magazines, plus digital music and on-line tendering services.; * Financial information services and analytical tools, both real-time and historical, from I-Net, the leading local supplier of on-line equity data and analysis, with virtually every major financial institution in South Africa among its customers; * The international data and technology of Bridge, now No. 2 in the world in providing on-line financial data; * Industry-specific information from a variety of local and international sources ; * The Web expertise and experience of The Internet Solution, South Africa`s top corporate Internet access provider and Web developer, plus access to leading-edge technology and networking skills from Dimension Data, SA`s largest information technology company; * Global content and information services from the Financial Times. Said Jacobsohn: "The business user in Southern Africa, and business people anywhere in the world looking for information about Southern Africa, will need to look no further than this service to fulfill almost every information need. This is on-line for the intelligent user."
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