Sydney-based XML specialist TimeBase has won an AusIndustry grant of almost $1 million, ensuring its intellectual property (IP) remains in Australia while the company eyes oversees markets for expansion.
TimeBase won the $950,000 AusIndustry grant to further develop and market its MALT technology, software and processes that enables businesses to link online legal and taxation documents together in such a way that the hyperlinks between documents remain valid regardless of changes to the information over time. It's a technology that has garnered particular interest from the legal profession, where legislation is often amended and repealed.
In May, US authorities acknowledged TimeBase's patent for MALT, which was swiftly followed by a tour of the US as part of Austrade's "Silicon Valley Tour" promotion. After the Austrade tour, the company spent a month pitching its technology to potential clients and software companies in the US.
Subsequently the company has signed up US-based Business Marketing Group as a strategic advisor and sales and marketing partner in the US. Chief executive officer Abha Lessing said TimeBase is currently in due diligence on one of many leads, in what should result in a major deal for the developer.
"The government grant was really valuable," she said. "Expanding into overseas markets is an expensive exercise."
Lessing said many Australian developers attempt to attract several rounds of venture capital funding to finance moves into international markets, which further dilutes the Australian ownership of intellectual property.
"The support from the government ensures we can keep the IP and the skills in Australia," she said.