Powerlan unit executes Swedish contract

Powerlan unit executes Swedish contract

Powerlan (ASX:PWR) said its subsidiary, IMX Software, has executed a contract with the FOREX Bank of Sweden.

IMX Software, which provides solutions to the financial industry, has deployed a banknotes system to the FOREX Bank of Sweden.

The bank plans to use the system to manage its inter-bank currency trading and distribution and its activities in the Nordic foreign currency markets.

FOREX's IT partner, EDB Systems, will co-implement the solution, which will also be used to automate the bank's regulatory compliance reporting in Europe.

IMX Software CEO Bill Tickner said more than 100 global financial services customers are using the company's solutions for banknote trading and travel money transactions.

FOREX was founded in 1965 to handle foreign exchange transactions for tourists, and expanded into retail and consumer banking in 2003.

Another Powerlan subsidiary, ConverterTechnology, on Wednesday separately revealed it plans to offer a private cloud based version of its Click2Fix web portal.

Click2Fix, which is designed to help IT departments flag files and applications that need converting or repairing, will be offered to businesses via a virtual private server, ConverterTechnology said.

The subsidiary said the suite is designed to be used when converting to new versions of Office or Windows, or when maintaining files after a migration.

Powerlan last week revealed it had received an offer worth $8.8 million for both the ConverterTechnology and IMX Software units, which it recommends shareholders accept.

If the deal goes through, Powerlan will be left with its Clarity telecom operational software division.

PWR shares stayed flat on Wednesday at $0.027.

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Tags cloud computingMergers and acquisitionsproduct launchPowerlanbusiness dealsASX:PWR

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