Mastersoft sold after administrators move in

Stricken Australian IT firm that has major NZ customers changes hands

Financially troubled Australian data quality company Mastersoft has been sold to Vix Technology. Mastersoft’s New Zealand customers include NZ Post, the Ministries of Justice and Health, and Telecom.

The company had been in administration since May. The Vix offer was for A$700,000.

The administrators said in a report that they considered the company may have been insolvent since February 2011. They have identified a number of transactions as “unreasonable payments to directors” and “related party transactions” that may be subject to recovery actions.

Mastersoft maintains an office in Wellington with two staff. The future of the operation here remains unclear.

In a press release Vix Technology says the new company, Mastersoft Group Pty Ltd, will continue to service all existing customers, while further developing the Harmony platform and actively pursuing new business opportunities.

Vix Technology's Australian general manager James Smith says it is business as usual.

His company services businesses that develop and operate specialist solutions for the payments, telecommunications and transport industries.

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Tags vix technologymastersoft

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