Aoraki christens Jade with $10m UK contract

By DANIEL RIORDAN

Stock Exchange-bound Aoraki Corporation has a new name and a new British software contract worth close to $10 million.

Sir Gil Simpson's Christchurch-based computer company is now Jade Software Corporation, named after its major product.

All operating subsidiaries, including those that were formerly grouped under the Cardinal name, are being amalgamated under the Jade name.

The intention to list was made public last June, but in volatile market conditions the company settled for $12.2 million from new investors and set its sights on a market debut early next year.

Chairwoman Ruth Richardson said that as of last year's fourth quarter all revenue came from Jade products, and it made sense to rename.

She said the board hoped to be in a position to make a decision on a listing by the fourth quarter of this year.

Although a year is a long time on the sharemarket, Ms Richardson believed investors would be better disposed towards technology offerings than last year.

"We're through the worst of the tech sector shakeout ... There's a much more discriminating environment now. All businesses have to march to the beat of the same drum, which is about rate of return on assets, quality and sustainability of earnings, quality of management, business plan and governance."

For now, Jade was focused on improving its internal structures and corporate governance to standards befitting a public company.

It was also developing new business, including the latest deal with Skipton Building Society, one of Britain's biggest with assets of £6.2 billion ($20.7 billion).

Skipton, which has used Jade's technology for three years and is its biggest British customer, has decided to base all future systems on Jade technology.