Eftpos terminal software developer RIS Group has announced to the NZX that it has sold its i-Taxi eftpos application, related server application and database and web portal to Australian taxi service operator GM Cabs for A$750,000 (NZ$1 million).
The statement, posted on the NZX website yesterday, notes: "The i-Taxi application records eftpos transactions against drivers and facilitates payments to the drivers.
"GM Cabs has had a contract with RIS Pty Limited (RIS Pty) to provide GM Cabs with eftpos services using the iRIS Platform. With the sale of the i-Taxi application to GM Cabs the contract between GM Cabs and RIS Pty that had 2 years 11 months to run is terminated.
"While the Taxi application has been sold to GM Cabs, RIS Pty will continue to provide maintenance software and infrastructure services under an agreement executed with GM Cabs, who will pay RIS Pty A$ 60,000 plus GST per year for 10 years at A$5,000 plus GST per month for those services."
RIS Pty executive director Phil Hudson is quoted in the statement as saying: “the sale to GM Cabs of the i-Taxi application was a very good outcome for RIS as it enabled the company to cash up a contract early and established a new ongoing revenue stream with GM Cabs." The Press reports that RIS's shares last traded, at 5.8 cents, on September 29 and that yesterday's announcement didn't spark any share trades.