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.

 

Maritime Reporter July 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Keppel T & T Appoints Lim Chin Leong to its Board

Keppel Telecommunications & Transportation Ltd (Keppel T&T) has strengthened its Board with the appointment of Mr Lim Chin Leong as an independent, non-executive

Dool to Serve as Chair of SLSMC Board

The St. Lawrence Seaway Management Corporation (SLSMC) announced that Tim Dool has been named as Chair of the Board of Directors, effective September 1. Dool was

Bollore First Half Boosted by Transport, Advertising Unit

French industrial group Bollore said first-half operating income rose 11 percent to 314 million euro because of strength at its transport business and advertising agency Havas,

Finance

Brazil Presidential Candidate Silva Moots Price on Carbon

Brazilian presidential candidate Marina Silva plans to put a price on greenhouse gas emissions and implement a national carbon market if elected, according to policy proposals released on Friday.

SBM Offshore Completes Real Estate Divestment

SBM Offshore is pleased to announce that is has completed the sale and lease back of its Monaco real estate portfolio.  The last of the three buildings was sold

Athabasca Completes Dover Stake Sale to PetroChina

Canada's Athabasca Oil Corp said it had closed the sale of its 40 percent interest in the Dover oil sands project to a unit of PertroChina Co Ltd for $1.18 billion.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1036 sec (10 req/sec)