Australian document and data storage company acquired

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A New Zealand based hyphenate business has announced that it will acquire an Australian document and data storage company for $AUD 3.5 million.

Freightways (FRE) made the announcement about the acquisition of Access Information Management (Access) today (November 10th).

By acquiring Access, DataBank is hoping to establish its own direct presence in the Western Australia market.

Mr Bracewell, FRE managing director, said: "These recent acquisitions are consistent with FRE’s strategy to develop growth opportunities that complement its existing operations on both sides of the Tasman.”

According to a company statement, Access is expected to generate EBITDA of approximately A$0.6 million in the 12 months following its acquisition.

In July 2006, Freightways acquired the data storage business Databank and the company has stated that Access will be managed by the DataBank team.

This will be Frieghtways first business in Western Australia. Freightways’ primary business strategy is to continue the organic growth of its core express package brands and expand its emerging information management and business mail operations.