By Martin Vedris
SYDNEY: ThinkSmart Limited and JB Hi-Fi today announced that they have agreed to remove a termination by convenience clause from their operating agreement, allowing them more flexibility for growth in Australia and New Zealand.
ThinkSmart is an international financial services company that offers business to business finance products through the retail environment. The business operates in Europe and Australia where it processes high volumes of low value business finance transactions.
The removed clause enabled termination by convenience after the initial 24 months.
Since contracting in February this year, ThinkSmart’s product offering has been extended to JB Hi-Fi’s Clive Anthonys branded stores and is due to roll out to its New Zealand stores by the end of the year.
“JB Hi-Fi is an innovative, dynamic retailer that is clearly making a massive impact into the computer retail dynamic in Australia,” said ThinkSmart managing director and CEO, Ned Montarello.
“We’ve already witnessed trading performance at the upper end of expectations together over our first six months of business and are looking forward to continuing to support JB’s aggressive growth in the market through our RentSmart product.”
Richard Uechtritz, CEO of JB Hi-Fi added that the removal of the clause is good for business.
“Getting the right partners who can dial into our business helps us concentrate on our day-to-day growth goals,” Uechtritz said.
“ThinkSmart has been a great addition to our growth and provides a strong value proposition for both our customers and shareholders. The show of confidence in extending the agreement reflects this.”