Down but not out, IAP provider Minorplanet begins life as a new business
By Brad Gardner | August 18, 2010
GPS specialist and Intelligent Access Program (IAP) provider Minorplanet has risen as a new entity after going into liquidation earlier this month.
The brand and its assets have been bought by Vehicle Management Systems (VMS) and will be absorbed into the company.
Known as VMS-Minorplanet, the company now owns Minorplanet’s 1200-strong customer base, software, hardware and name.
Managing Director Dean Verberne says VMS-Minorplanet began operating last Tuesday after the purchase was finalised.
“It’s a brand new company,” he says.
Although starting with new shareholders and directors, Verberne says the business will keep Minorplanet’s management team to maintain customer service and grow the brand.
Minorplanet went into administration on July 7 this year before entering liquidation on August 10.
Minorplanet CEO Steve Green, who will remain with the new brand, blamed the demise of the GPS provider on the UK parent company which has struggled financially in recent times.
Verberne says the new VMS-Minorplanet venture is ideally positioned due to the support it has behind the scenes.
“We’ve got strong support from our shareholders…and [they] are very much committed to this business,” he says.
Verberne also accused some competitors of trying to drum up business by “spreading misinformation” in the marketplace when Minorplanet went into administration earlier this year.
Green says the announcement of VMS-Minorplanet puts to rest speculation about the company’s future.
“It’s great to have a shareholder group committed to the Asia Pacific business and one that is prepared to invest in our business and promote our position in this region,” he says.
“Our new owner is committed to business continuity and growth, which is great for our people, customers and many business partners.”
Verberne says there is a lot of scope for growth in the telematics market because of the growing role of fleet tracking equipment in the trucking industry.
“The industry will probably move that way from a safety and compliance perspective,” he says.