Australian packaged food producer Beston Global Food Co. Ltd. said May 24 that it terminated talks to merge its online marketplace unit, Beston Technologies Pty. Ltd., with anti-theft and anti-counterfeit company DataDot Technology Ltd.
The decision came after DataDot shareholders voted to withdraw from the proposed sale of their Australian DataDot business to the holder of the South African DataDot license.
The companies started merger talks in February 2018, hoping to create an integrated e-commerce traceability and anti-counterfeit software-as-a-service solution across a range of industries.
In August 2018, Beston and DataDot ruled that further work is needed to support the business model of the merged entity. On April 15, the companies disclosed that an independent review was conducted by Telstra Corp. Ltd.-owned technology consulting company Readify Pty. Ltd., which found that the plan required a number of enhancements, particularly in connection to cybersecurity protections.
Most recently, Beston said it agreed with the new management of DataDot to enter into negotiations in relation to commercial arrangements between DataDot and Beston in the future.
Beston said it intends to divest Beston Technologies "at the appropriate time" and focus solely on its core food and drinks businesses.