Investor keeps Softway's future in Australia

Investor keeps Softway's future in Australia

Crowning an eventful month of strategic changes, Australian Unix systems software developer Softway has secured a venture capital deal with local investment firm Allen & Buckeridge.

The venture capitalist has bought 60 per cent of Softway shares formerly owned by Fujitsu and Intellect Holdings, making the company majority Australian owned.

Softway's new CEO, Richard Osborne, told ARN the new investment "will allow the company to rapidly realise the opportunity of Softway's leadership position [in the field of Unix-based resource management systems software] by allowing more accelerated investment in R&D and global marketing infrastructure".

Osborne believes the combination of Softway's international success and local financial backing is also "great news for the country" where getting support for IT development and international expansion is not always easy.

Asked whether Softway will follow the recent trend of moving company headquarters to the US in order to secure better market access and more financial backing, Osborne said the company has no intention of moving its business base overseas.

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