RuleBurst may be a seeming newcomer to the government IT marketplace, but its origins go back to 1989 when it started as SoftLaw. After losing an important Centrelink contract in 2003, SoftLaw posted two years of loss, delisted from the Australian Stock Exchange and restructured its business. SoftLaw re-emerged as RuleBurst in August 2005.
True to its Softlaw origins, RuleBurst offers business rules management systems and decision support software. RuleBurst has recently acquired IQMS for $6.25m, positioning itself to tackle the growing opportunities within the governance and risk compliance management market in Australia.
Both public and private sectors in Australia are facing unprecedented regulatory, legislative and media activity related to governance and risk management. Corporate law and accounting experts predict that US corporate governance legislation – the Sarbanes-Oxley Act – will raise the bar on corporate governance in Australia significantly.
IQMS has a customer base in banking and finance, insurance, healthcare, food, services and manufacturing. RuleBurst has developed a legislation assessment tool for Treasury and a program to assist the Board of Taxation to simplify the Tax Acts. Other RuleBurst clients include Centrelink, which recently implemented Customer Account Start-Up (CASU) – a rule-driven, interview-based system that is already processing 10,000 of Centrelink's 16,000 new customers each week. RuleBurst has also worked with the Department of Defence, Department of Veteran's Affairs, Queensland Department of Housing and NSW Premier's Department.