First Jade Stadium, now Jade the company

By Phil Boeyen, ShareChat Business News Editor

Wednesday 30th January 2002

Christchurch-based software developer Aoraki Corp has renamed itself Jade Software Corporation in another step towards its projected listing on the NZSE early next year.

The company's chairman, former Finance Minister Ruth Richardson, says the rebranding is strategically important as the company moved towards becoming a publicly listed stock.

"Grouping all of our products and services under a single company brand makes it easier for our customers and investors to see the considerable value we have to offer.

"Jade is focussed on becoming a global player in several niche markets for enterprise computer software. We have the intellectual property to achieve this but we need the brand equity to support it and that equity is best built around our internationally known Jade brand."

The brand has already made a big impact on New Zealand's sporting scene after Aoraki Corp paid for the naming rights to Christchurch's former Lancaster Park sports ground, which was renamed Jade Stadium.

Jade Software Corp says all of the company's operating subsidiaries, including those formerly grouped under the Cardinal brand, are in the process of being amalgamated under the Jade name.

Ms Richardson says in the fourth quarter of 2001 the company completed the transition away from mainframe computer software products to earning 100% of our revenue from the Jade product and so the name change accurately reflects the company's future focus.

"It is an exciting time for Jade as the company looks towards expanding international markets, particularly in Australia and the United Kingdom.

"Jade's success so far gives us the confidence to believe that we have a platform on which we can build sustainable new wealth for shareholders and the New Zealand economy."

The software company is currently privately owned and employs around 350 people. In November last year it announced an initial round of $12.2 million in financing from the issue of convertible notes to a number of New Zealand and offshore investors.

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