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UK building society takes full control of Jade Software

UK building society takes full control of Jade Software

Long term shareholder Skipton Building Society buys out all but a tiny minority of shareholders as logistics business spun out.

CEO David Lindsay left the Jade board ahead of Skipton's buyout of the company.

CEO David Lindsay left the Jade board ahead of Skipton's buyout of the company.

UK-based Skipton Building Society has bought-out minority shareholders in Jade Software while Jade Logistics has been spun out under separate ownership

Companies Office records show Skipton Investments lifted its stake to 99.9 per cent from 56 per cent, acquiring the shares of 61 other entities including those of founder Gil Simpson, who still held a small 2.2 per cent stake.

Jade's logistics business has also been spun out as part of the changes and is now owned by USA Health, formerly a 26 percent shareholder in Jade Software.

Jade Software reported a loss of $942,000 in 2016, down from $3.5 million in 2015 after increasing revenue by 24 per cent to $37 million. 

After divesting law enforcement and investigations software division Wynyard Group in 2013, Jade has been focused on building its port management software business, Jade Master Terminal. 

NZX-listed Wynyard went spectacularly broke last year after a $65 million public capital raising and liquidators were appointed in February.

Jade chief executive David Lindsay and a representative from USA Health, Roger Bhole, left Jade's board on June 30.

Jade was founded in 1978 after and developed a promising obiect-oriented development database which it attempted to turn into a global busines for rapid application development and integration. 

Skipton was a customer, using Jade's technology to retire its old mainframe-based systems in the 1980s. That relationship was renewed for a further ten years in 2014.

In May, Jade inked a seven-year, $4.5 million gig with the Electricity Authority to continue developing and managing its consumer switching registry.


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