Baltimore Technologies is selling its Australian subsidiary for £2.1 million sterling to SecureNet.
SecureNet is a provider of Internet and security services in the Asia-Pacific region. It will become the exclusive distributor of Baltimore's products and related services in Australia and New Zealand.
During 2001, Baltimore's Australian operations made a pre-tax loss of £4.7 million. They had net assets of £2.4 million at the year-end.
Under the terms of the deal, Baltimore will retain a liability for property costs for just under five years.
Baltimore says proceeds from the acquisition will be used for "general corporate" purposes.
