FastTrak Software executives complete buyout

FastTrak Software Publishing managing director Jon Silvera has completed a successful buyout of the Watford-based company together with financial director Jon Clough.

The buyout follows news that FastTrak will no longer publish MAGIX titles, following MAGIX's decision to concentrate its own efforts on the publishing and distribution of products in the UK.

"Magixs' timely exit was the window of opportunity that we needed and was instrumental in defining the value of the business, which when combined with forthcoming signing opportunities created the ideal opportunity for our coup," said Jon Silvera.

"As the UK publisher we were contracted to establish product in specific retail channels, create new accounts to increase UK market share attract new audiences and grow new markets. We've done our job well and ahead of schedule and once all objectives had been met we were surplus to requirements."

Jon Clough added: "Although there will inevitably be some major changes, but the fundamentals such as general staffing structure and our Watford location will remain the same although we have already reworked the FastTrak logo."