Point of sale terminal manufacturer/distributor Cadmus is trimmed down and back in the hands of its founder, Ian Bailey, who says the company is primed and ready to attack the Australian eftpos market.Previously Cadmus was effectively the property of automated petrol pump maker Provenco, which was under the leadership of Navman founder, Peter Maire. ProvencoCadmus went into receivership two weeks ago owing $45 million, much of that to ANZ National Bank.The Cadmus part of the business has now been sold to Ian Bailey's Smartpay by receivers KordaMentha.The sale of Cadmus by KordaMentha seems to have given Smartpay an extraordinary deal; a debt free Cadmus and its merchant list with the cost savings already achieved."When we acquired the business, we selected the staff we wanted to come and join us with the other remaining in the care of the receiver, so we've already done that cost restructure and got a company in a good position. We are very comfortable with it," Bailey said.About sixty of ProvencoCadmus's 180 staff will join Smartpay's 40 staff. Bailey says Smartpay will move into Cadmus's offices with some new sales staff to come. "There is no reason to assume there will be anything other than profit coming out of Cadmus," said Bailey.Receiver, Michael Stiassny of KordaMentha, was reported in the New Zealand Herald as saying he was "surprised and disappointed" that ProvencoCadmus had not engaged in some reorganisation before the receivership.Other reports have hinted at tension between Maire and the other big investor in ProvencoCadmus, Todd Capital, which eventually led to an inability to agree on a new capital raising.