The contract signing follows an extensive and successful beta testing exercise in 2016 and the achievement of what MfC says was a “minimum viable product”.
MfC is based at the Stone & Chalk fintech hub in Sydney, and co-founder and chief executive Ben Pearson says the contract with the ATO provides an opportunity for it to “scale at a sustainable rate and provide a level of service commensurate with the ATO’s expectations”.
Pearson said the MfC platform would allow organisations like the ATO to build “feature-rich applications more quickly and more efficiently utilising the skills of their Gen Y developers”.
“Mainframe Cloud’s technology is set to transform the mainframe software industry by dramatically reducing the release cycle for new applications, providing real-time access to mainframe data and allowing mainframe applications to be built by non-specialist developer resources,” Pearson says.
Mainframe Cloud is currently undertaking a fund raising to finalise its product development and Pearson says a larger capital raising is envisaged over the next 12-18 months to fully leverage the on-boarding of clients and revenues forecast for this time.
The company intends to be use the funds to facilitate growth and entry into the global mainframe software market.