Oakton, Tenix disputes comes to $15m close
Tenix Solutions IMES and Oakton have come to an agreement over an outstanding contract dispute — stretching back almost a year and a half — with Tenix today paying Oakton a $15 million settlement.
Tenix Solutions IMES and Oakton have come to an agreement over an outstanding contract dispute — stretching back almost a year and a half — with Tenix today paying Oakton a $15 million settlement.
Traffic, parking and public safety services company, Tenix Solutions, will move from mainframe infrastructure to a new Microsoft technology stack under a major IT program with the Victorian Department of Justice.
Ongoing arbitration has adversely affected the first year financial results of ASX-listed IT consulting firm Oakton (ASX:OKN), causing a slump in earnings before interest, tax, depreciation and amortisation (EBITDA) of $2.1 million.