GBST Holdings Limited (ASX: GBT), a global provider of securities transaction and fund administration software for the financial services industry, announces it has been awarded a grant under the Commonwealth Government Illawarra Region Investment and Innovation Fund (IRIIF) to stimulate economic development in the Wollongong, NSW area.
GBST develops award winning platforms and provides the specialist services required by the global banking, finance and insurance industries. It is to leverage the IRIIF grant to expedite its expansion into targeted Asian, European and North American marketplaces. The project, in a dollar for dollar investment, will inject over $1.64 million into the Illawarra through to June 2014. The project will employ 15 graduates, providing long term career opportunities.
GBST’s submission builds on the strength of its reputation and expertise within the finance sector; its established commitment to the Illawarra with its well-established and recognised R&D Centre of Excellence at Wollongong, and its long affiliation with the information technology research facilities at the University of Wollongong. Significantly its leadership in domain expertise and specialist skills in the finance sector and the continuing employment growth potential for graduates from the successful outcome of the technology project made them a compelling choice.
Isabel Sanchez, Chief Technology Officer, GBST, said: “The IRIIF grant will allow us to fast track the delivery of functionality that will give GBST a competitive edge as we extend our offering into the high net worth market segments of Asia, Europe and North America. We see it as a catalyst for sustainable company growth which will also have a positive flow on effect for our skills base and employees.”
The Globalisation of Composer Wealth Management Platform software development project is to provide a single administration platform capable of supporting multiple regions through multi-calendar, multi-currency and multi-tax regime capabilities and compliance across full middle and back office.
The project will be fully executed in GBST’s Wollongong offices and require the skills of existing staff as well as the employment of 15 Graduate Developer positions to be recruited in early 2013 from the University of Wollongong. These young professionals will be retained beyond the scope of the project to continue support for the extended platform and GBST’s financial services suite.
The Hon. Sharon Bird, MP, Federal Member for Cunningham, said: “Since its election in 2007, the Labor Government has provided significant investment in Wollongong and the Illawarra region, including $213.5 million for the University of Wollongong. This GBST software development project will propel 15 local university graduates into global careers and provide Australia with an opportunity to expand its technical skill set in the highly sought after financial software niche.”
Member for Throsby, Stephen Jones said, “With global organisations of the calibre of GBST seeing the potential of investment in the Illawarra and having confidence in the skills available shows the value of initiatives such as the IRIIF in bringing business and investment together to create new, sustainable jobs in the Illawarra.”
About the Illawarra Region Innovation and Investment Fund (IRIIF)
The $30 million Illawarra Region Innovation and Investment Fund (IRIIF) was created by the Federal Government in response to the decision made by BlueScope Steel Limited to restructure its manufacturing operations at Port Kembla in New South Wales.
The purpose of the IRIIF is to support new investment that creates new, sustainable job opportunities in the Illawarra Region that strengthen and diversify the local economy and employment base. The supported investment projects are expected to create new and/or additional business capacity designed to enhance employment, business and economic opportunities, with a focus on creating innovative, high-skilled jobs.