Marketer BlueFreeway drops IBC

LISTED marketing group BlueFreeway has sold its 51 per cent stake in software developer IBC to web manager Platform Interactive for an undisclosed amount, as BlueFreeway continues to clean up its balance sheet.

LISTED marketing group BlueFreeway has sold its 51 per cent stake in software developer IBC to web manager Platform Interactive for an undisclosed amount, as BlueFreeway continues to clean up its balance sheet.

The company, which announced a 26 per cent increase in group company revenues to $22.3 million for the September quarter, is also in talks to sell its 20 per cent stake in search marketer Cogentis and is closing its Thai operation.

BlueFreeway, 19.9 per cent-owned by former media baron Michael Hannan, had been facing a large earn-out payment for European software firm Fivia, but this has been renegotiated to return 24 per cent of Fivia to its existing management.