Powerlan subsidiary IMX wins milestone contract with The Royal Bank of Scotland
Announcement posted by Powerlan 11 Mar 2004
IMX Software Pty Ltd (IMX), a wholly owned subsidiary of Powerlan Limited (ASX: PWR), has signed a contract with The Royal Bank of Scotland plc (RBS) worth a minimum of GBP550k (approx AUD1.34m) in licence and implementation fees for its international monetary software, and a minimum of GBP70k in base support and maintenance fees per annum thereafter.
Under the agreement RBS will use IMXs Wholesale Currency System (WCS) software in its UK-based operations. The agreement also provides for the possible future roll out of WCS throughout RBS global operations, for which RBS would pay additional licence, support and maintenance fees. IMX will also provide ongoing professional services related to integration of WCS into RBS operations for additional fees.
This agreement is a very significant milestone for IMX for a number of reasons, said Dr Tomislav Matic, Managing Director and Chief Executive Officer (CEO), Powerlan Limited, and the CEO of IMX. Not only is it very satisfying to win a multi-million dollar deal but the win also provides positive reinforcement of the strategy we have implemented at IMX and is a sound indicator of the organisations business potential and viability.
Powerlan acquired the IMX business in July 2001 and installed a new management team in November 2002. Building on the existing customer base the business has experienced continued growth.
IMX now includes three of the worlds top five wholesale currency traders among its customers, said Dr. Matic.
Other large users of WCS are Credit Suisse First Boston in Switzerland and Commerzbank in Germany.
About Powerlan
Sydney-based Powerlan Limited is an Australian software vendor, developing and implementing vertical solutions for enterprises both locally and internationally. It also provides managed financial, network and security services. Its businesses comprise:
Clarity (www.clarity.com) which offers carrier -grade Operational Support Systems and Network Management Systems;
ConverterTechnology (www. convertertechnology.com) which provides a cost and time effective conversion of Microsoft Office files from older versions to the current version;
FinancialBPO, (www.financialbpo.com) which provides business process outsourcing for the financial services sector;
Garradin (www.garradin.com) which offers a suite of software products aimed at investment managers;
IMX (www.imxsoftware.com) which offers international monetary systems focused on travel money and foreign exchange; and
Zento, (www.zento.com.au) which provides managed services in the IT security, application hosting, and communications areas.
Under the agreement RBS will use IMXs Wholesale Currency System (WCS) software in its UK-based operations. The agreement also provides for the possible future roll out of WCS throughout RBS global operations, for which RBS would pay additional licence, support and maintenance fees. IMX will also provide ongoing professional services related to integration of WCS into RBS operations for additional fees.
This agreement is a very significant milestone for IMX for a number of reasons, said Dr Tomislav Matic, Managing Director and Chief Executive Officer (CEO), Powerlan Limited, and the CEO of IMX. Not only is it very satisfying to win a multi-million dollar deal but the win also provides positive reinforcement of the strategy we have implemented at IMX and is a sound indicator of the organisations business potential and viability.
Powerlan acquired the IMX business in July 2001 and installed a new management team in November 2002. Building on the existing customer base the business has experienced continued growth.
IMX now includes three of the worlds top five wholesale currency traders among its customers, said Dr. Matic.
Other large users of WCS are Credit Suisse First Boston in Switzerland and Commerzbank in Germany.
About Powerlan
Sydney-based Powerlan Limited is an Australian software vendor, developing and implementing vertical solutions for enterprises both locally and internationally. It also provides managed financial, network and security services. Its businesses comprise:
Clarity (www.clarity.com) which offers carrier -grade Operational Support Systems and Network Management Systems;
ConverterTechnology (www. convertertechnology.com) which provides a cost and time effective conversion of Microsoft Office files from older versions to the current version;
FinancialBPO, (www.financialbpo.com) which provides business process outsourcing for the financial services sector;
Garradin (www.garradin.com) which offers a suite of software products aimed at investment managers;
IMX (www.imxsoftware.com) which offers international monetary systems focused on travel money and foreign exchange; and
Zento, (www.zento.com.au) which provides managed services in the IT security, application hosting, and communications areas.