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Australian jewelry co. teams with Rap

February 21, 2008

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Brisbane, Australia—Australian jewelry-technology company Octahedron has sold a 50 percent share of its business to New York-based the Rapaport Group.

Brisbane-based Octahedron is the maker of the Savings With Improved Management (SWIM) business-management software for retail jewelers.

According to a release from Octahedron, the move is the latest in a series of steps the company has taken to expand operations globally.

Company founder and CEO Raeleen Gillett, who founded the business in 2001, said it was always the company's goal to reach the global marketplace. And while Octahedron has made small in-roads in markets in the United States, United Kingdom, Spain, Pakistan, Monaco, Italy and New Zealand, the deal with Rapaport will forge more international growth.

The partnership will also allow Octahedron to open additional customer-support desks in Las Vegas and India to allow for 24-hour service as Octahedron's products are introduced into major U.S. and Indian markets.

Rapaport Chairman Martin Rapaport said Octahedron's software helps improve productivity, efficiency and profits for jewelers.

"The Rapaport Group and Octahedron share a common vision that embraces the benefits for technology to meet the challenges of change," Rapaport said in a statement. "Octahedron also shares our values of honesty, transparency and a total commitment to improving the business of our clients."
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