First impression on unpacking the Q702 test unit was the solid feel and clean, minimalist styling.
Rapid rise for Solution 6, despite everything
- — 14 November, 2000 11:10
Solution 6's rapid rise is described in the 2000 edition of the Deloitte Touche Tohmatsu Fast 100 report. In the 1999 report, Solution 6 ranked 41st amongst the stock-market speedsters, according to Deloitte Touche Tohmatsu. This year, the company ranked sixth.
The report's methodology examines the performance of a company over three years across a range of measures, including revenue, market capitalisation and job creation, according to communications manager Linda Triplo.
Another tech player, ComputerShare, topped the list. Its profit performance soared by 211 per cent on the strength of its UK operation and solid revenue growth out of Australia.
Telecommunications, media and miscellaneous industrials made up 31 of the 100 fastest-growing companies, although miscellaneous industrials also covers non-tech companies as well.
However, it was the Solution 6 result which seemed to fly most in the face of public and media sentiment. This year the company saw the collapse of a major consolidation deal with Sausage Software and Telstra, public ridicule over the resignation of former CEO Chris Tyler, as well as the departure of other key executives such as executive director Lindsay Yelland.
To top it off, like all the dot-coms, the company took a vicious beating when the market went south in April this year. Tyler's public speculation about a $100 share price now looks like a monstrous boast, with the company's stock currently trading at around $1.12.
As a consequence of the stock's deterioration, on November 1, Telstra passed on an option to increase its fully diluted shareholding in Solution 6 from 19 to 25 per cent.
Despite the problems, Solution 6, according to Deloitte, "entered the Growth Index by virtue of phenomenal share growth and the acquisition of 11 new companies".
Even after the market correction, the company remained towards the top of the best-performers list.