Foster Moore, recipient of the Hi-Tech Emerging Company of the year award for 2011, is looking to gain a foothold in North America in its niche market for registry systems.
The company is “well advanced” with tendering for a significant prospect in Canada, says business development manager Stephen Robb.
“If we win that, we’ll settle a team there,” he says. He acknowledges the help of NZ Trade and Industry in meeting part of the expense of tendering for the unnamed Canadian prospect.
The company did put out feelers in the US market, Robb says, but Federal budget cuts made a foothold there less likely.
Foster Moore, founded two-and-a-half years ago in a management buyout, has a significant market presence in New Zealand and has sites in Australia. It also sees considerable promise in developing countries, many of whose institutions are formalising registry procedures to bring themselves to an international standard of probity. There is an initial market in company registration, which could be aided by international development grants from bodies such as the World Bank and Asian Development Bank, Robb says.
Software to manage compliance with industry codes, particularly in health and safety, is a possible avenue for expansion, Robb says.
The company’s previous owner had developed bespoke registry applications among other work and principals Joel Foster and Chuck Moore, saw a specific opportunity in packaging this software into a product. Local clients include the Personal Property Securities Register, Crown Minerals, the radio spectrum register and a number of financial services companies.
Applications are provided both as conventional software products and in software-as-a-service mode.
The company will take some “comfort” that an international panel of judges sees the company and its chosen market in registry systems as viable, says Robb; “but it is not likely that anyone will decide to give us their business on the basis of an award”.