Start-up business, Ansys Telecom has undergone a name change to avoid being confused with struggling JSE-listed technology firm, Ansys.
Holloway was previously COO at Spescom Ltd, and managing director at Avitronics.
He told BusinessTech that a name change was necessary to prevent confusion between his new company, and Ansys. “They are not doing very well,” he said of Ansys, stressing that he did not want any negative associations attached to his new venture.
Ansys is a black empowerment engineering technology company and specialises in the design, and control systems for the transport and defence industries.
On Monday (31 October), Ansys, which is still without a CEO, said in a trading statement that it expects a basic loss of between 5.5 and 6.5 cents and headline loss per share of between 0.98 cents and 1.15 cents per share for the six months ending August 2012.
This compares to basic earnings and headline earnings per share of 3.96 cents per share in 2011.
The group announced a restructure earlier this year which included reducing its headcount by 17% and has resulted in monthly savings on its salary bill of 20% as of 1 September.
“Ansys is expecting an improvement in results in the second half of the financial year to 28 February 2013 due to the costs savings,” it said.
Adcomtec is a reseller of technology, infrastructure and services that support fixed and mobile operators to build next-generation high speed and high capacity networks from the customer access to the core network.
“We are taking orders,” Holloway told BusinessTech. He said that one of the first orders the company received was for R1.5 million at its inception. “We are not profitable yet,” the company chief said, adding however, that he was hopeful that Adcomtec would become profitable before the end of the financial year, in February 2013.
Holloway said that the amount of shareholding controlled by Ansys and Ansys investors exceeds 51%.