Although Powerlan CEO Theo Baker is remaining tight-lipped regarding costing, the new deal will see the locally developed IMX product range rolled out to 40 thousand sites around the globe, and provide significant impetus for overall growth.
Powerlan acquired the intellectual capital behind the IMX range when it purchased the IMX software group in June this year. The IMX software enables currency exchange and travel funds transfer, and was already functioning in 17 hundred sites when Powerlan bought into the company.
-We have already opened offices in the US in anticipation of the deal, and we are in the throws of opening offices in the UK," said Baker. -We will be expanding our operations in Singapore in order to support the product in Asia."
Powerlan is also looking to leverage the market presence obtained through the rollout in order to expand its service offerings. -It will provide the company with enormous exposure, which in turn will lead to other outsourcing and hosting opportunities," Baker said.
Baker sees the deal as a vindication of the company's focus on the development of intellectual capital and proprietary software products.
-About 12 months ago we made a clear indication to the market that we would be expanding our stable of products, rather that maintain a focus on the implementation and integration of other offerings," Baker said. -This deal shows that it is all starting to pay off."
