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read morePowerlan sells software interest to Ranbuild for $3.2m
Stan Beer
Wednesday, 01 December 2004 20:30
Powerlan Limited (ASX:PWR) has sold its 20% equity in Ranbuild Design Software Pty Ltd (RDS) for $3.2 million to the majority owner of the software, Ranbuild Pty Ltd.
Ranbuild, a designer and distributor of pre-fabricated steel garages, barns, farm sheds and shed kits, acquired Powerlan's shares in RDS with the completion of the sale of its business assets to BlueScope Lysaght, a transaction that BlueScope Steel (ASX: BSL) announced to the market on 23 November 2004.
Ranbuild Design Software has been custom developed for Ranbuild by Powerlan since 1995 - started by Namadgi Consulting, a business that Powerlan acquired in 1999, which eventually became Powerlan's Business Innovations division. In 2001, Ranbuild and Powerlan agreed to set up a joint venture company, Ranbuild Design Software Pty Ltd, which became the owner of the intellectual property associated with RDS, with the intent of eventually marketing RDS globally.
The terms of Powerlan sale to Ranbuild include a $2.2M payment on settlement, plus $1M over the two year period, the latter subject to meeting certain performance targets. The terms of the sale also provided for Powerlan and BlueScope Lysaght agreeing on Powerlan's ongoing long term provision of software development services related to development and support of RDS.
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