LandMark White rebrands as Acumentis
6 December 2019, Written by David Simmons
Following a disastrous 2019 during which LandMark White (ASX: LMW) was hit with not one but two data breaches, the property valuer has decided to rebrand.
Say goodbye to LandMark White and welcome to the stage: Acumentis.
The group says the new name has been derived from two Latin words; acumen (meaning a keen insight and sharpness in business) and mentis (meaning mastery of mind, intellect, reason, and courage).
The company will retain the LandMark White name on the ASX for the time being, but Acumentis says a special resolution will be put to shareholders at an upcoming general meeting to rename the group in alignment with the new brand.
Recently appointed Acumentis CEO Timothy Rabbitt says the new brand name better encompasses the operations of the company.
"Our clients rely on our services every day to make major decisions across a broad range of industries. That's why we enhance our data with accurate and insightful analysis, so clients can confidently make informed decisions without hesitation," says Rabbitt.
"Acumentis is a positive word that reflects what our clients say about our service. It's not just the data we provide that makes the difference it's the professionalism and integrity of our people, combined with insights and knowledge, that make us unique. This won't change.
"We're excited to enter a new chapter in our company's long history one that will be driven by talented property professionals and outstanding systems to deliver insightful, reliable and timely advice."
The company was thrust into the limelight following two cybercrime incidents, the result of which slashed company earnings and saw its business suspended by major bank clients.
The cyberattacks had a material impact on LMW during FY19; profit dived by 468 per cent, down from $4.1 million in FY18 to a loss of $15.1 million at the end of the last financial year. As a result, LMW was unable to declare a dividend to shareholders.
The first data breach saw Approximately 137,500 unique records and approximately 1,680 supporting documents posted onto the dark web and hurt the company's revenue by up to $7 million.
Landmark White was placed into a state of temporary suspension from the ASX in early June after the company was hit with a second data breach this year. That breach saw company documents posted to US file sharing platform SCRIBD on Wednesday 29 May 2019.
After the second data breach Commonwealth Bank (ASX: CBA), ANZ (ASX: ANZ), National Australia Bank (ASX: NAB), Bankwest, Bendigo & Adelaide Bank (ASX: BEN), Suncorp (ASX: SUN), HSBC, and Latrobe all suspended LMW as a property valuer.
In October the NSW police arrested a man in relation to the data breach incidents.
The man was identified as 49-year-old Stephen Grant, who the Sydney Morning Herald reported as having worked for 12 years at Landmark White.
However, Landmark White says Grant was not an employee of the company, but rather he was someone with "trusted inside access".
Stephen Grant was refused bail after the court was told forensic evidence links him to the 'elaborate and sophisticated crime'.
Business News Australia
Author: David Simmons