Business solutions developer Rubico is liquidating one of its subsidiaries.
Services company Rubico (Pty) Ltd applied earlier this month for a creditors` voluntary winding up. The group has told creditors they will be contacted by the liquidator to prove a claim.
Rubico Holdings CEO Willie Esterhuyzen says the group will still have a services company operating in SA. The group will also consist of the holding company, an offshore entity and a products company in SA.
A separate sales and marketing company is being established in London.
He says the liquidation is part of a restructuring aimed at organising the group into a structure preferred by potential international investors and offshore customers.
Staff at the liquidated company have been offered other positions in the group, with fewer than 10 positions in SA to be made redundant.
At the same time, new staff are being appointed for the European operations.
Founded in 1994, Rubico has been considered one of SA`s high-flying IT companies even as the rest of the sector was in the doldrums.
It was the inaugural winner of the Grand Prix award at the Journal of Convergence`s 2001 Age of Innovation awards. It was also named the 31st fastest growing company in SA in the Deloittes Fast 50 survey in 2001.
Rubico`s main business is the delivery of large-scale, mission-critical business solutions via a set of reusable components.
Its market is the financial services sector although it has also been active in other industries.
Rubico has been moving into international markets after it received an R80 million investment by a consortium led by the World Bank`s International Financing Corporation in July 2001.
The consortium also includes UK venture capital company Copia Capital Partners and SA`s Industrial Development Corporation.
In terms of the investment, the consortium, Brait, Rubico management, Rubico staff and other local investors would have equal shares in the company.
The group has established US and European operations and is aiming to have international operations account for 80% of overall revenue by next year.
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