Feeds

Infobank shakeup follows unrealistic forecasts

Silver lining with BT deal

  • alert
  • submit to reddit

High performance access to file storage

The Infobank rollercoaster ride has taken yet another twist with a profits warning and management shakeup. New finance director David Pollock slamming earlier revenue forecasts as "unrealistic". Profit margins will see no significant improvement, which means that the software reselling business will be only marginally profitable. Executive chairman and co-founder David Fraser has also stepped down to a non-executive role while managing director Joe Pillai is leaving the board. Graham Sadd, co-founder of the ecommerce vendor come software reseller, is assuming the role of interim chief executive. Pollock has agreed to join the board while non-executive director Martin Frost has agreed to assume the role of non-executive chairman of the group. While all directors, executive and non-executive are still looking for their right chairs, Infobank's immediate future rests on the success of its e-commerce division. The company has announced a deal with BT which will give it system more credibility and funds. BT will use the firm's InTrade 3 procurement automation e-commerce product to enable its customers to trade electronically with their own customers over a managed network. According to Sadd this has given Infobank a much-needed shot in the arm. "It's a significant endorsement and signals a step change in the rate of development of our e-commerce business," he said.® For more stories click here

High performance access to file storage

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Did a date calculation bug just cost hard-up Co-op Bank £110m?
And just when Brit banking org needs £400m to stay afloat
MtGox chief Karpelès refuses to come to US for g-men's grilling
Bitcoin baron says he needs another lawyer for FinCEN chat
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
It may be ILLEGAL to run Heartbleed health checks – IT lawyer
Do the right thing, earn up to 10 years in clink
prev story

Whitepapers

Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Five 3D headsets to be won!
We were so impressed by the Durovis Dive headset we’ve asked the company to give some away to Reg readers.
SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.