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Speedware Corporation Acquires Assets and Launches New Operating Division: OpenERP Solutions
Speedware Corporation Inc., provider of innovative enterprise software solutions and productivity tools, announced that, following the acquisition of certain assets, it is creating a new division focused on software for manufacturers: OpenERP Solutions, (www.openerpsolutions.com).
Earlier, Speedware acquired the Enterprise Resource Planning (ERP) assets of eXegeSys Systems, Inc. of Salt Lake City, Utah, provider of highly-customizable ERP solutions for the HP 3000 market. Under the terms of the agreement, Speedware has acquired certain assets from eXegeSys for US$1.85 million in cash (subject to adjustments). Speedware is combining this business with recently-acquired ERP technology based on open source components to create OpenERP Solutions. As part of this strategy, Jeffrey Lyon, a seasoned systems architect and ERP veteran, has recently joined Speedware as General Manager of OpenERP Solutions.
"We are excited to welcome support staff, developers, and other key employees from eXegeSys, who will continue to serve their premier customer base of manufacturers," said Jeffrey Lyon, General Manager of OpenERP Solutions. "Our team, equipped with our new multi-platform, multi-tier, standards-based offerings, will have three main goals: we will continue to diligently support our eXegeSys customers, we will offer them complementary products and the option to choose a new product direction, and finally, we will have a leading-edge solution for the broader market of small-to-mid-size manufacturers."
"OpenERP marks a milestone in our overall acquisition growth strategy," said David Lurie, Director of Acquisitions. "Combining these assets into a new Speedware division allows us to leverage Speedware's financial and operating strength with innovative multi-platform enterprise applications, capable of running on Windows, Linux, HP-UX, OSX and others. For our eXegeSys customers, we are a natural fit to support their HP 3000 applications - and we can offer them several go-forward options for their future. With regards to the overall market, this division will be offering a manufacturing ERP package that has a more flexible architecture and a richer set of functionality than other offerings for the small-to-mid-size enterprise, at a lower cost."
Following on the heels of the Prelude Systems acquisition announced last month, the launch of OpenERP Solutions rounds out Speedware's product offering to meet the needs of manufacturers. Speedware maintains cash reserves and access to capital for future acquisitions. 30.08.2004, Speedware Corporation Inc.
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