ASX-listed software vendor Powerlan has appointed former Open Telecommunications executive Lyn Mackenzie as chief financial officer.
Mackenzie replaces former CFO John George, who left the company several months ago. Chief executive officer Theo Baker said George had left the company amicably and was keen to relocate his family back to his former home in Queensland.
"It has taken a fair amount of time to replace him, but we wanted to make sure we hired a CFO that had experience in software intellectual property," Baker said. It was also important that Powerlan hired a CFO with project accounting experience, as most of the company's deals as a software vendor tend to run for a period of several years at a time, Baker said.
Mackenzie will have her work cut out for her, being put in charge of the finances of a company that has undergone drastic restructuring in recent times.
While the net operating cash flows for Powerlan for the quarter to September 30 were positive, a significant debt pay-down and an outflow of several million dollars for new acquisitions saw net financing run at a loss of $4.95 million. With only $6.72 million in cash at the end of the quarter, continued losses could be highly damaging to the company.
Baker said the company has satisfied its hunger for new investments in the short term. "We are getting to the point where there will not be any further acquisitions," he said.