NZ Post sells Localist

Last updated 15:29 02/04/2014

Relevant offers

Industries

Scales expands into Auckland Greens eye bigger supluses Sex offender tracking contract awarded to Wynyard Surplus remains Labour's bottom line Mighty River profit beats IPO forecast All eyes on Fletcher Building Ross victims face 97pc loss of funds Formal port offer expected in weeks NZ sale cuts debt for waste company Homes part of Fletcher future

New Zealand Post has sold its subsidiary Localist, a "word of mouse" website that involves people making online "lists" of things to do and see around the country.

Localist chief executive Christine Domecq led a group that bought the company for an undisclosed sum, and would work with NZ Post to transition the business.

Last year the company said its revenue had grown strongly to crack $1 million a month, a trajectory Domecq said would make the company profitable.

New Zealand Post chief executive Brian Roche said the sale was a good outcome for both companies.

"Following New Zealand Post's announcement late last year of its future strategy, we are now strongly focused on core services and developing growth initiatives across our parcels, financial services and network businesses," he said.

"The Localist business is no longer a part of that future strategy."

He said Localist had entered a new phase and had shown encouraging signs over the last 12 months.

Domecq has previously described Localist as a "word of mouse" website, enabling people to find experts on various areas of the country and finding out what they recommended to visit in that area.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content