Baltimore bails out of Oz

NEWS Internet security firm Baltimore Technologies has sold its Australian division to Asia-Pacific rival SecureNet. SecureNet agreed on a price of £2.1m for the division that Baltimore will use as its exclusive regional distributor. SecureNet has made a down-payment of £1.6m in cash and will judge how to pay the balance on the basis of contractual negotiations on outstanding contracts at the Baltimore division. The division made a pre-tax loss of £4.7m during 2001 and had net assets of £2.4m at the end of the year. Baltimore will remain liable for property costs under the terms of the deal for around a further five years.