Arthur Brown has been appointed transitional MD of Software Futures following the successful buyout from MGX, which has created the largest black-empowered software development company in SA.
Brown replaces Derek Hughes, who has left the company. He expects to serve in this position into the new year, during which time a long-term MD will be appointed.
Brown represents the Kopano Brown Brothers consortium which funded Software Futures' exit from MGX. This consortium is made up of Cape-based Brown Brothers Holdings and Kopano ke Matla, the investment arm of the trade union federation Cosatu.
Collin Matjila, CEO of Kopano, has been appointed as transitional chairman of the new Software Futures board.
"We began this process five months ago when Brown Brothers and Kopano embarked on a quest to find an IT company with a sound foundation and good prospects which it could grow into a beacon for corporate success, along with fair and equitable empowerment business practices," says Brown. "Software Futures stood out in all aspects of our vision."
Brown reports that the business has already seen huge benefit from being distanced from MGX, as well as from its true black empowerment credentials.
"In the last month alone Software Futures has secured its largest deal ever, with two further large contracts under negotiation. Being the largest truly empowered company of our type will give us an unbeatable advantage in the market, as our empowerment status now set the standard in this sector of the IT industry."
Kopano Ke Matla is briefed with growing black empowerment through private equity investments as well as mergers and acquisitions. It will take an active interest in Software Futures.
Brown Brothers is a group of companies which owns and operates an asset manager, structured finance house, brokerage, private equity fund and several private companies. Brown Brothers will provide creative business expertise which will enable Software Futures to maximise opportunities while hedging micro and macro financial risks.
Brown will oversee the appointment of a new board, the immediate restructuring process, the clearing of any legacy issues from the ownership of MGX, and the introduction of world-class corporate governance procedures.
"We aim to retain the management team and existing staff," Brown stresses, "and our restructuring process will be aimed at maximising the opportunities our inherent assets afford us."
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