Listed communications company Phoneware has appointed Keith Mitchelhill managing director and Raju Parrab, who is managing director of Cofuture Australasia, as a non-executive director. Mitchelhill replaces Jenny Stilwell, while Parrab replaces Allan Horsley, who was required to resign his board appointments in order to take his position with the Australian Communications Authority.
Coincidentally, Phoneware has agreed to buy Imedia Corporation, which develops commerce solutions in the fields of messaging, transaction processing and systems integration. As a result of the acquisition Imedia's directors, Steven and Mark Lipshut, will take senior executive positions with Phoneware.
A spokesman said the Imedia acquisition price of about $A4 million will be paid in cash, shares and options and, when the deal is completed, the Lipshuts will become substantial shareholders in Phoneware.
In its first half to December 31, Phoneware lost $A2.86 million when revenue slipped 16 per cent to $A5.4 million.