Midware sells off half of its subsidiary for $1.5m

Stan Beer
Monday, 01 November 2004 15:04

IT Industry - Development

Midware Limited (ASX:MIW) has signed an agreement to sell 50% of its subsidiary Midware Systems Pty Limited for $1.5 million  to GlobalX Information Services Pty Limited.

Midware Systems is the professional services and software business of MIW focused on the Australian and SE-Asian professional practice market. The agreements provide GlobalX the opportunity to acquire the balance of the business for a minimum of $1.5m plus agreed net assets. GlobalX provides information searching services throughout for the legal market Australia.

According to a MIW statement, both companies have the opportunity for close integration of their respective technologies, which would provide benefits to existing and new clients. GlobalX will assume day-to-day management of the business, MIW founder and managing director Mark Flack will remain as a director. MIW plans to change its name, subject to shareholder approval at the forthcoming AGM, to Affiance Group Limited, while its subsidiary will continue to operate under the Midware Systems name.