Sydney-based software developer MFX Research has received an injection of capital which will allow the company to take its Y2K audit and correction software to the world market.
Michael Carr, managing director of MFX Research, said that a number of companies had been approaching MFX Research, and so the software vendor "decided to test the marketplace in terms of a potential investor". The process resulted in the investment by Southern Equity Holdings who acquired a 25 per cent share of MFX.
Carr claims the principal objectives of the sale are to expand the company's infrastructure through increasing its staff base and bolster its marketing efforts in Europe and the US, potent-ially aided by investor Southern Equity Holdings.
Carr claims the partial sale will enable the company to pursue global opportunities for the company's MFX 2000 Y2K remediation software product by entering new markets through existing international channel relationships, as well as bringing to market new software applications.
New products in the pipeline are a flow on series of Y2K remediation products as well as a euro conversion software product - based on the same algorithm-centric technology.
The widely acclaimed MFX 2000 product inspects for Y2K compliance in PC and mainframe climates and can provide an automated remediation.
The 25 per cent stake by Southern Equity Holdings involved an outlay of $7 million plus a $3 million loan, now valuing MXF Research at $28 million.