Software outsourcing venture gets grant

The Ministry for Industry and Regional Development has given $1.26 million to a joint venture of five New Zealand software services companies looking to expand their outsourcing business in Britain.

The five partners - Synergy International, CGNZ, Optimation, Black Coffee Software and Catylist IT - are themselves investing $1.95 million in the new business in the first two years.

The Government is investing in the joint venture, which has a working name of Outsource to New Zealand (O2NZ), because it believes the resulting foreign exchange earnings and high-value jobs will provide a significant return.