<PAGE>

                             CONFIDENTIAL TREATMENT

                                  Exhibit 10.34
                               Umbrella Agreement

<PAGE>

                                                          CONFIDENTIAL TREATMENT


                               UMBRELLA AGREEMENT
                                     BETWEEN
                       ISLAND PACIFIC SYSTEMS CORPORATION
                                       AND
                                TOYS `R' US, INC.

                  The intent of this agreement is to set forth certain items
that have been agreed to in connection with the "License Agreement for Software
Products" including the Attachments A and exhibits thereto, the "Services
Agreement", and the "Modification Agreement", each being executed by the parties
on the date of this Agreement.

                  Island Pacific Systems Corporation is hereafter called "Island
Pacific" and Toys "R" Us, Inc. is hereafter called "Customer". Island Pacific
agrees to provide and Customer agrees to license the software products as define
in the "License Agreement for Software Products", subject to the following
conditions:

         SCHEDULE FOR ENHANCEMENTS: Island Pacific will use its best efforts to
         meet the following schedule for the initial enhancements (as described
         in Appendix A hereto) to the Software Products being licensed to
         Customer, as provided in the Modification Agreement:

<TABLE>
<CAPTION>
SCHEDULE:
------------------------------------- ---------------------------------- ----------------------------------
                                      DESIGN SPECIFICATIONS COMPLETION   CODE BUILD COMPLETION
------------------------------------- ---------------------------------- ----------------------------------
<S>                                   <C>                                <C>
Phase 1                               [***]                              [***]
------------------------------------- ---------------------------------- ----------------------------------
Phase 2                               [***]                              [***]
------------------------------------- ---------------------------------- ----------------------------------
Anytime modifications                 No later than [***]                [***]
------------------------------------- ---------------------------------- ----------------------------------
Later Modifications                   To be Determined                   To be Determined
------------------------------------- ---------------------------------- ----------------------------------
</TABLE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the date set forth below:

         Date:_____________________

                 TOYS "R" US, INC.


                  BY:  ________________________________________
                       BRUNO ROQUEPLO, SENIOR VICE PRESIDENT OF
                       FINANCE AND ADMINISTRATION (CFO)


                  ISLAND PACIFIC SYSTEMS CORPORATION


                  BY:  ________________________________________
                       TODD HAMMETT, CHIEF FINANCIAL OFFICER

[***] = Confidential Treatment Requested

<PAGE>

                                                          CONFIDENTIAL TREATMENT


                                   APPENDIX A

     General Description of components that make up the Initial Enhancements
         (Phase 1, 2, Anytime) to the Island Pacific Software Products