In my article Detica and BAE Systems yesterday I might have given the impression that CEO Tom Black had been at the firm since the very start in 1977. He joined in 1984 – but 24 years is a pretty good innings anyway. Indeed, to me as an analyst, Tom Black has always been synonymous with Detica.
But, actually, that’s not quite true either! Detica was known as the Smith Group until 2001. I well remember the fanfare of them changing their name to idetica (very good name for a security company!) but had to pull the name change at the last minute as there was another company with a similar name (identica). That was all ahead of the 2002 IPO at 80p. Monday’s bid from BAE Systems was at 440p – a 400% increase. Pretty good in anyone’s books. Tom Black will make £24.5m on the sale of his stake and will, I understand, stay on post the deal.
Wednesday, 30 July 2008
Idetica
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2 comments:
I think you'll find it was Idetica rather than Identica!
Thanks Georgina. I have changed it. Another reader pointed out that it was, in fact, identica that had objected to the very similar idetica!
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