Triplejump drops staff

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Dealer-group-turned-software firm Triplejump is laying off staff.

Monday, May 9th 2016, 6:00AM 1 Comment

by Susan Edmunds

Cecilia Farrow

The company, which had been discussing a share market listing and international expansion, has instead sent staff home. At one point, the head office employed 14 staff.

The founders of the company pumped millions into its development, and were backed by big names including venture capital funder K1W1, Henry Tait, Rob Cameron and Ralph and Pamela Norris.

Triplejump had been heralded for its innovation, with a software platform that was described as world-leading and with the potential to be picked up by big banks all over the world.In 2013, the Government grants agency Callaghan Innovation gave the firm $1 million to help it develop its software and sell into international markets.

Now its future looks to be in jeopardy.

The firm started life as a network of advisers before moving to a software licensing model, offering its platform designed to guide advisers through a fact find and needs analysis of business risk clients.

The platform was well received and described by the industry as a good tool to help clients deal with larger businesses' key person risk in particular.

The technology embeds the six-step advice process within the software programme so that advisers can calculate client risk and prepare a risk plan.

But it was also described as complex and produced a report of such a size that some pundits said it was an impediment.

Triplejump faced a battle getting traction in a market dominated by established software firms offering programmes such as iress. One insurance boss said it was a hard sell to get shareholders to back an investment in software that was not from an established provider.

By 2013, Triplejump had already invested $2 million in the platform and expected to invest another $1 million a year for the next few years.

Founder Cecilia Farrow was open about plans for a stock market listing but plans are now on hold.

The firm has moved its franchisees to the licensee model and a number have left the group.

Phones at former Tripleump outlets in Whangarei and Wellington were no longer connected and in Christchurch and Lower Hutt, former Triplejump franchises had become part of other dealer groups.

Now, a number of the Triplejump staff themselves have been let go as the business restructures to match its licensing income. It is believed Farrow will run most of the operation herself.

Farrow has not responded to phone calls or emails.

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