By NASFUND has been impressing me allot lately. For a PNG Superfund they certainly are not shy to invest in technology which in my experience has always been a sector that Superfunds from here have been reluctant to do. But Rod and Ian are going all out guns blazing. The DataNets acquisition was a start but through that company they have now gobbled up phone equipment company NEC (in PNG) and today I learn from Jason Gilai from BSP Capital that NASFUND had invested AUD$40 million in a tourism search website called roamfree.com (Global Accommodation Search)
AFL fans may know the guy behind roamfree.com, who is former Sydney Swans ruckman, Tony Smith. Tony Smith has a track record of success in tourism, starting with marketing Schoolies holidays and then creating management rights business BreakFree, which listed on the stock exchange and later was sold for about AUD$750 million, so he’s no stranger to tourism. You can hear a podcast interview with him here. So it sounds like NASFUND has hooked up with someone reputable. On top of that APN News & Media Limited have paid $AUD20 million for a 20% interest in the website as well. So all in all NASFUND maybe on to a winner here.
Roamfree has also secured a deal with Australian and New Zealand auto clubs, which will see it provide the technology to power their websites. The clubs provide an accommodation service to about 8.4 million members. More acquisitions by Roamfree are allowing the company to grow in the Pacific, and I’m glad that our NASFUND is onboard to sail that way.
I wouldn’t be surprised if more technology moves are in store for NASFUND.
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