The management of Hong Kong e-solutions provider Momentum Internet has bought back all its shares from United States parent Ziasun Technologies after less than four months.
'There were differences of opinion and style with the current management at Ziasun Technologies and both parties felt there were significant advantages in going our separate ways,' Momentum Internet chief executive Anthony Tobin said.
The buyout was done through a share swap in which Momentum Internet gave back 725,000 of the one million shares it held in Ziasun Technologies in return for the entire share capital of Momentum Internet.
The separation is surprising as the Internet industry is expected to consolidate in the coming months.
Momentum Internet employs 10 people in Hong Kong, 50 in Manila focusing on software development and 14 in Brisbane for high-end programming, Mr Tobin said.
When Ziasun Technologies acquired Momentum Internet on July 1 the Hong Kong company was breaking even, but it started to record losses as it expanded across the region.
