19 redundancies in sale of Jade's port software to US firm Navis

The Jade Logistics Master Terminal system is used for mixed cargo including timber and steel.

Martin van Beynen/Stuff The Jade Logistics Master Terminal system is used for mixed cargo including timber and steel.

Master Terminal, the port software that was going to turbo-charge hi-tech firm Jade, has been sold to US corporate Navis with the loss of 19 jobs.

Jade Logistics, which owned Master Terminal, was split off from Jade Software in 2017, to concentrate on developing and selling the system, designed for mixed cargo handling.

The sale of the software to logistics firm Navis, a subsidiary of the Finnish company Cargotec, was completed in December last year and resulted in 19 redundancies. Eight of the redundancies were offshore positions.

Jade Logistics was thought to be totally owned by USA Health Investors LLC but share registrations in December last year showed Jade Logistics chief executive David Lindsay owned 10 per cent of the shares in the company, marketing manager Tony Davis had 2.5 per cent and global sales manager Kaustubh Dalvi had a 1.5 per cent shareholding.

READ MORE:
Ruth Richardson leaves Jade Software board after 18 years as chairwoman
Jade Software restructures[1][2]

Navis said the acquisition gave it the flexibility to offer customers a full range of terminal operating systems.

It did not reveal what it paid.

Ruth Richardson, Jade chairwoman in 2016, said then that Master Terminal could return the business to the "heady days" of Sir Gil Simpson, who led an "early wave" of growth after founding the company nearly 40 years ago.

David Lindsay, chief executive of Jade Logistics, says the sale of the company's Master Terminal system is "pretty positive".

David Lindsay, chief executive of Jade Logistics, says the sale of the company's Master Terminal system is "pretty positive".

Master Terminal could be the next big "growth play" for shareholders, she said.

David Lindsay, who remains the chief executive of Jade Logistics said Navis wanted to set up a general centre of excellence for cargo handling in Christchurch and provided stability in the growth of the business.

"It's pretty positive at the end of the day."

He said the late registration of the shareholdings was an administrative tidy-up before the sale and he did not personally receive any money from it.

Jade Logistics would continue operating in Christchurch and retained the right to sell Master Terminal in Asia, he said.

The Master Terminal system is used by ports around the world for mixed cargo including containers.

Iain McGregor/Stuff

The Master Terminal system is used by ports around the world for mixed cargo including containers.

The operating system is said to be used by 100 ports around the world in the mixed cargo sector.

Sir Gil Simpson, who is no longer involved in Jade, said it was "always a shame" when New Zealand-developed software ended up in overseas hands but not in any way "unusual".

Stuff

References

  1. ^ Ruth Richardson leaves Jade Software board after 18 years as chairwoman (www.stuff.co.nz)
  2. ^ Jade Software restructures (www.stuff.co.nz)

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