Greenwich Mean Time, the company that catapulted Y2K guru Karl Feilder to fame, has been rescued from possible closure by a South African telecommunications group.
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GMT, which supplied Y2K software for PC networks, had to place its UK branch in liquidation in May, with the loss of 22 jobs, after a venture capital deal fell through.
But Sempres International Technology Holdings has given the company a new lease of life. Sempres specialises in using telemetry devices to manage and monitor assets, such as transport fleets or industrial plant.
Sempres has taken over the remaining GMT companies, in a share deal that gives Sempres a network of sales offices and access to GMT's PC management software.
"We have ended up with a big brother which has development in both hardware and software in South Africa and takes us forward into the area Sempres calls telemanagement," said Feilder, who has taken over as chief executive officer of Sempres.
GMT's Make It So software, which allows organisations to standardise their PC desktop software and to monitor PC configurations remotely, fits neatly into Sempres existing business, said Feilder.
Sempres currently supplies GPS systems to monitor delivery trucks and systems to provide remote monitoring of industrial equipment.
Feilder will take over responsibility for expanding Sempres' business outside of South Africa.