Westpac NZ Becomes First Bank to Accept Zespri Shares as Lending Security
Westpac NZ has become the first New Zealand bank to receive approval from the Reserve Bank of New Zealand (RBNZ) to secure and leverage kiwifruit growers' Zespri shares.
The acquisition on September 1 comes after Hot Mustard's Sales App Centre managing director Paul Bell sought Company-X out.
"We were a specialist software company focused on agribuiness with a small team looking for an opportunity to work with a larger development company with more expertise and resources," Bell says.
"One of the reasons we approached Company-X is that is has some agribusiness clients, and a very good understanding of the agribusiness sector."
DeLaval, the worldwide leader in milking equipment and solutions is a long-term Company-X client. Company-X built a global e-learning solution for DeLaval. Company-X used the text to voice editor it built, Voxcoda, to provide narration in multiple languages.
Sales App Centre was incorporated in March 2012 and developed the first mobile apps for Ballance Agri Nutrients, DairyNZ and Zespri International.
"We specialise in apps for agribusiness," Bell said. "Including a lot of farmer-facing apps that need to work in the field where there is no internet connectivity."
Other Sales App Centre clients include CRV Ambreed, Farmlands Co-op Society, Giltrap Engineering and Primary ITO, Company-X will assume responsibility for app and systems development, including the associated databases and application programming interface (APIs).
Hot Mustard's new business unit Hum will retain responsibility for website development.
Bell said Sales App Centre clients could only benefit from the acquisition, as they will be working with a larger, better resources, broadly experience team, with a proven software development track record. Company-X also had comprehensive testing and support services.
Company-X co-founder and director Jeremy Hughes says while Hot Mustard's key strength is media and design, having Company-X own the software development space lets the two companies work to their respective strengths.
