BASS Sells Out of Star Information Systems

Thursday, January 13, 2011

BASS Software Ltd., global provider of software for fleet and rig management, will use the financial resources it freed up after selling itself out of Star Information Systems (SIS) to continue to invest in its own business by pursuing new markets and developing new products.

In 1999, BASS bought a 34 percent stake in SIS, a supplier of maritime software, as an opportunity to complement its product assortment and geographical reach. Since then, however, a strained liquidity situation and very low profit margins have prevented SIS from paying out dividends and investing adequately in product and technology upgrades.

Because of SIS’ poor performance and its need for major funding over a long period of time to upgrade its products and technology platform, BASS approached the other shareholders asking to discuss an exit strategy, something they were not willing to do. When SIS asked shareholders for additional funding in June, BASS saw this as a divestment opportunity and agreed with other shareholders in September to sell its stake in the company.

BASS already invests substantially in product development, with about 25 percent of revenue earmarked for this purpose, and the fresh capital will further bolster these efforts. The extra funds will also allow BASS to pursue new markets and customers, including attractive offers to upgrade to BASSnet – a more comprehensive and modern solution.

 


People & Company News

STX to Slash Jobs, Sell Yard

To stat above water by restructuring, South Korean Shipbuilder STX Offshore & Shipbuilding Co. plans to lay off about a third of its workforce and sell a yard in France, says a report in WSJ.

Kongsberg Performs Well in Q2

Norwegian defence and marine technology company Kongsberg Gruppen's second quarter 2016 (Q2) financial results shows sales performance broadly in line with recent trends,

Rickmers Holding, E.R. Capital Drop Merger Plan

Rickmers Holding AG and E.R. Capital Holding have jointly decided not to pursue the merger of their ship management activities.   For many years the companies

Finance

SOS from Hanjin Shipping

The creditors' extended help is crucial for survival of Hanjin Shipping Co as its negotiations with owners of chartered ships over a cut in leasing rates and to

NParks, Keppel in S$2.08 mln Partnership for Restoring Singapore Forest Wetlands

The National Parks Board (NParks) and Keppel Corporation today unveiled plans for a partnership to restore the freshwater forest wetland ecosystem historically

Skaugen Goes to Red Again

Norwegian Marine Transportation Service Company I.M. Skaugen SE reported interim losses but cautiously positive and expecting a gradual recovery of trading opportunities

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Repair Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1069 sec (9 req/sec)