US deal for software firm

A Nelson-based software business is expecting multimillion-dollar growth after achieving success in the United States.

Polymedia developed software, called SureClose, in 1999 to enable US real estate companies to sell properties in a "paper-less" transaction.

Chief executive Richard Clarke said the company expected revenue to grow from $2 million to $10 million within the next five years because of a contracting arrangement with US firm Stewart Realty Solutions.

The contract requires Polymedia to develop, manage and test the software for the company.

Polymedia is planning to employ more workers to meet demand, raising staff numbers from four in April last year to 26.

Clarke said the project was big by any standards in New Zealand.

More than 4000 new real estate deals use the software each day, which includes the electronic processing of 50,000 documents.

In a separate project, the company has developed a battery-powered device which tracks the location of freight via global positioning and cellphone technology.

- NZPA