Powerlan powers on with Government contract

After a rash of acquisitions, Powerlan has confirmed its ability to integrate its various purchases into a money making venture by securing a contract with the Office of the Protective Commissioner (OPC) worth around $1 million.

Under the terms of the agreement, Powerlan will implement its own "Portfolio Manager" software package into the Office of the Protective Commissioner - a statutory body empowered to manage the affairs and investments of people who would otherwise be unable to do so, the company said in a statement to the ASX yesterday.

Powerlan allegedly beat off tough competition from five other bidders to supply an Investment Management System and a Unit Trust Registry System for the OPC, as the office begins to diversify its clients' investments, according to Chris Voukidis, Powerlan's chief financial officer.

The "Portfolio Manager" system runs on PCs under Windows 95, 98 and NT is designed to manage assets across a number of investment categories including Equities, Fixed Interest, Cash, Money Market, Futures, Options and Loans & Mortgages, covering both domestic and international markets.

The Powerlan software is the result of the company's acquisition of Commercial Software Services late last year, and Voukidis claims the contract recognises the growing amount of wholly owned intellectual property the former integrator now has in its stable.

"These things do exist in Powerlan," claims Voukidis. "I think a lot of people don't realise how much Powerlan has that isn't necessarily recognised as our core business. Something like this [contract] shows how much success we're having with Powerlan's internal [products]."

The OPC joins Bankers Trust, Alliance Capital, HIH Insurance and Milton Corporation as "Portfolio Manager" sites, as Powerlan readies to release the product in New Zealand and Asia. The integrator has further plans to release the product in the US and the UK next year.

The rollout will also see Powerlan offer training and support for the Portfolio Manager system, as well as integrating the new system into the OPC's existing applications.

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