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National Australia Bank's new economy business incubation and acceleration subsidiary, O2-e Limited, today announced an investment and strategic distribution affiliation with a leading Australian Internet business to business company Peakhour Pty Ltd. Taking a $10million equity stake in Peakhour Pty Limited's recently announced $40m second capital raising and a $2m equity stake in the newly formed Peakhour subsidiary, Peakhour Australia Holdings Pty Ltd, O2-e's Managing Director, Glenn Barnes described the deal as an exciting and significant start to O2-e's business to business (B2B) thrust. "After searching globally for a leading Application Service Provider (ASP) technology platform, we were pleased to discover Peakhour's unique ASP delivery system ASPShuttle™. Not only does it allow us to rapidly implement e-commerce solutions for National Australia Bank (the National) business customers, but it also underpins our strategy to invest in rapid growth e-commerce businesses with solid economics," stated Mr Barnes. "Peakhour enables the National to extend its business banking relationships into online services to provide customers with a complete suite of digital business services including Internet access, domain name registration, website building, website hosting, e-commerce and ASP software rental under a single account. Peakhour's ASP offering provides a simple, easy to use, one stop solution for SMEs to get online and rent enterprise quality infrastructure and software to manage their businesses better. With Peakhour technology each business and their respective employees receive a unique set of Internet services through the 'Peakhour Dashboard' - a customised desktop for every employee accessible via a web browser. "The National and BNZ will now be able to provide a distinctive e-commerce offering to our customers which will only enhance our market position in the business banking sector," Mr Barnes added. "For the National and the Bank of New Zealand (BNZ), Peakhour's model allows us to enrich and deepen our existing SME customer relationships, create new revenue streams and grow our customer base," Mr Barnes said. Also attractive to O2-e is the ability for O2-e and its affiliate companies to incorporate self sourced ASP applications and the National's Internet banking platform onto Peakhour's ASPShuttle™ platform. Mike Pratt, Chief Executive Officer, Australian Financial Services, for the National Australia Group said: "The benefits lie in the ability for the National to provide easy to use e-commerce tools to our SME customers so that they can generate new revenues, reduce costs and give them time to concentrate on what they like doing best - growing their business." Commenting on Peakhour's first major affiliate deal, Founder and CEO David Harrington attributed market interest in Peakhour to the rapid adoption of business to business services, particularly ASP services worldwide. "The National will be the first Australian bank, and one of the first in the world, to develop a complete suite of digital services under the one business banking relationship. We look forward to working with the National Group in Australia, New Zealand and the UK, and to assisting O2-e extend our services into other enterprise relationships for the National Group," Harrington added. Noted for it's technology, high calibre management team and market success, Peakhour offers large companies the opportunity to re-brand its ASP delivery system and tailor e-commerce offerings to their small and medium sized enterprise (SME) customers. Not having to build the required B2B infrastructure and development team 'in-house', yet be able to use their own brand, allows Peakhour 'affiliates' such as: financial services; telecommunications; media; ISP; software and hardware companies to launch leading ASP services quickly, efficiently and at a fraction of the cost. Today there are approximately 60% of Australian small and 89% of Australian medium businesses connected to the Internet. 20% of these businesses are now purchasing goods and services online.* And with an estimated $US10 billion 2003 value on B2B e-commerce in Australia** and a $US7.3 trillion 2004 global estimate the Internet is significantly changing the way we do business.*** "Blue chip companies are now recognising the importance of delivering integrated Internet solutions to their SME customers. These customers want simple, secure and robust solutions under a single account with a single bill. Peakhour's proprietary technology makes this possible," stated Mr Harrington. "We are very excited to secure this investment with O2-e as it enables Peakhour to link with Australia's leading financial institution - the National, to market business ASP solutions to their highly valued SME customers. "By having a blue-chip institution such as the National - and its new subsidiary O2-e - make a substantial commitment to Peakhour endorses our ASP delivery system and will assist us capture other large OEM or private label partnership opportunities in Australia and abroad," stated Harrington. Launched in early 2000, Peakhour has emerged as a leading ASP for small and medium sized businesses. Supported by a strategic group of investors, Peakhour is now taking its technology into international markets and has recently opened its UK office. O2-e's Chief Operating Officer, Business Incubation, Michael Liley, who has taken a lead role in this development concluded that the investment in Peakhour was fortuitous. "Being able to find an ASP platform as good as Peakhour's made it easy for us to move rapidly. The investment will assist O2-e provide best of breed technologies in the Australian, New Zealand and international markets." In its recently announced $40 million capital raising, Peakhour also attracted Hong Kong based Telecom Venture Group, which, together with existing shareholders; Australian Provincial Newspapers, Technology Venture Partners, Australasian Media and Communications Fund and others, will help accelerate Peakhour's development within Australia and expansion into International markets. * Yellow Pages Survey 2000 ** IDC Report 2000 ***Gartner Group Report 2000
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