Solace Australia, bought last month by JSE-listed Global Technology (Glotec) has re-listed on the Australian Stock Exchange after emerging from a period of administration with a new partner, board and CEO.
Leigh Warren, formerly of Oracle SA, will head up the operation.
As part of the newly reconstructed company, Solace has consolidated its capital to a 20:1 ratio and Glotec has purchased a controlling interest.
"We are very excited about the re-listing," says Warren. "There has been a great deal of interest from the broking community and we are anticipating a strong performance in the near term."
As the Australian arm of Global Technology, Solace will be the Asia Pacific distributor of the international Globus banking system. Globus is owned and developed by Temenos.
Solace`s new board comprises Ray Leonard, Leigh Warren, Robert Edge (Chairman), and Trevor Robinson.
Edge says Solace emerged from a difficult period caused by under-capitalisation and is now well placed to broaden its share of business within the Australian banking software market.
"IT stocks, and the banking software sector in particular, have performed strongly in recent times and Solace is ideally positioned as a strong software-based business. Throughout the period of administration we have retained an enviable customer base and strong product range," he says.
"In addition we have an experienced and highly regarded CEO, a new board and a powerful partner with highly complementary products in Global Technology."
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