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Business still booming for Mincom

Business still booming for Mincom

Although its boardroom may be resembling a scene from Macbeth plagued by hostile leadership challenges, Australian-born software developer Mincom is still bringing in the business at home and overseas.

The asset-management software developer's US division has won a multi-million dollar contract for the licensing of Mincom's Ellipse software and provision of IT services to the Transit Authority of River City (TARC) in Louisville, Kentucky.

Mincom's Peter Blackford, a specialist in the transport vertical said the company owns the lion's share of deployed asset management software in the Australian rail and transit industry and is making similar ground overseas. He said the company is soon to announce two more contracts similar to the TARC agreement.

Mincom, which specialises in software for the mining, utilities, transport, defence and government verticals, is currently embroiled in a leadership challenge after the forced resignation of chief executive officer Frank Berger. Alan McElrea has been appointed as the acting CEO and managing director while the company negotiates raising capital through the Deutche Bank. Mincom vice president of public affairs Sue Sara said the company will not find a temporary replacement until this raising is completed, as "a future investor may want to influence the structure of the board and the direction of the company."

The capital raising is expected to be finalised by September 2001.

One of the future investors is likely to be ex-Sausage Software corporate raider Wayne Bos, using the remains of acquired dot-bomb 131Shop to take a stake in Mincom. Bos has openly stated his plans for taking the reigns of Mincom, and his presence has divided the developer in the process. Several shareholders have called for an extraordinary annual general meeting to remove the current chairman and director David Graham, to be replaced with Bos.

Graham has suggested he may resign, but only after the completion of the capital raising.


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