Navman eyes off Australian opportunities
Cadmus currently supply terminals to Bendigo Bank merchants in Australia and have recently rolled out the CP03 POS terminal. This has helped Cadmus record something of a recovery in the September quarter and return to a positive trading position."We are very pleased with the Bendigo deal, they are a great bank and that is a fantastic arrangement we have with them," said chairman Peter Maire yesterday."Cadmus is a company that is pretty well vertical in a sense. We are developing hardware and software and even taking it all the way to the merchant, in the case of our relationship with Bendigo," said Maire yesterday "Provenco on the other hand source hardware from third parties and have a strong 'go to market' capability in a lot of key markets."Cadmus spent a lot of time and resources in 2006 talking with Intellect Holdings (listed on the ASX) about a merger, which never happened. Maire says that deal is now firmly back on the table."I still believe that makes sense," said Maire yesterday. "Cadmus as an entity really didn't have enough strength or management depth before to make a merger with Intellect work. "When this is bedded down, we will definitely be revisting the Intellect deal. There are a number of opportunities in Australia and globally that we want to look at."Provenco has been focused on selling its pay at the pump technology in Asia and has recruited former Shell Australia executive David Ritchie and a host of other oil industry types over the last few years. The Asian projects have suffered delays and the company faces renewed competition in some of its key Asian markets, especially Malaysia.Almost two thirds of Provenco's revenue comes from Australian retail technology distributor Vantex. Provenco has been buying up smaller distributors (eight last financial year) and rolling them into Vantex."I love the Vantex business," said Maire. "Matt Maley [CEO of Vantex] is doing a great job. I see a tremendous amount of opportunity to create product for Vantex and to use Vantex internationally to take things to market."