Business components software developer Rubico is restructuring its South African operations to enter international financial services markets.
The restructuring, which sees the group reorganise itself into two operating units, follows last month`s R80 million cash injection from a consortium of international and local backers to help it penetrate key overseas markets.
The consortium, led by the World Bank Group`s International Finance Corporation, includes UK venture capital company Copia Capital Partners and SA`s Industrial Development Corporation.
In terms of the restructuring, the two operating units - Rubico Professional Services and Rubico Products - report to the corporate holding company, Rubico.
"Our new company profile will help us better address both our local markets and the international financial services markets we`re currently targeting," says CEO Willie Esterhuysen.
Kevan Rice, formerly a Dimension Data business unit director and senior CCH manager, has been appointed to assist Esterhuysen in developing the corporate commercial business, while Jay van Zyl and Mark Pardini have been appointed joint-CEOs of Rubico Products.
Coert Vorster, former MD of Debis and IBM`s business services unit, has been appointed a director to head the services business.
The group is planning to ensure that its locally developed products can be replicated easily for international products, which it says will help it secure a rapid foothold in the international markets.
Jakkie Harrington, formerly Oracle SA`s sales director, has been appointed to drive the international activities, with the prime responsibility of developing a global channel.
"We are currently profiling suitable vendors in Europe and the US and are at an advanced stage of negotiation with some leading companies with the necessary focus on the financial services market," she says.
Esterhuysen says that although the group has adopted a direct sales model in SA, it has decided to channel overseas business via value-added resellers (VARs) in the financial service industry.
"We will have to change the profile of our company further to give it an international flavour and to meet global expectations," he adds. "VARs will find the partnership opportunity more attractive now that IFC and the other foreign investors are partners in Rubico. This will allow a faster internationalisation of our products and services."
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