Artemis Management Systems Inc. Announces Merger With Proha Plc.Business Editors/Technology Writers BOULDER, Colo.--(BUSINESS WIRE)--June 20, 2000 Acquisition Creates Expanded Global Distribution Network for Proha, Leading High-End Project Management Application Provider Artemis(R) Management Systems Inc., the world's largest provider of enterprise-class project and resource management software solutions, today announced that it has merged into the Proha Group Plc. The merger, which allows Finland-based Proha to expand its global distribution network, is expected to close by the end of August 2000. For the past three years, Artemis has been a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Gores Technology Group. Artemis Management Systems is an international, high-end project management software and consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that specializes in providing advanced, scaleable multi-project, resource, and task management business software solutions for a diverse range of industries. Proha has operated as one of Artemis' major sales and distribution representatives and has developed Artemis-compatible products since 1983. Once the deal is complete, Artemis will operate as a wholly owned subsidiary of Proha Plc. Artemis' entire management will remain in place after the merger is complete. Proha will utilize Artemis' worldwide distributor channels to launch additional product platforms inclusive of inclusive of prep. Taking into consideration or account; including. the marketing of Proha's own current successful line of software and consultancy products. "In the international software industry, the importance of distribution channels is paramount. The owner of customer relations will succeed in the market. Our aim is to be the leading, world-wide distribution channel," said Pekka Pere père n. 1. Used after a man's surname to distinguish a father from a son: Dumas père primarily wrote novels, while dramas occupied Dumas fils. 2. , Proha's managing director. "This agreement validates Artemis' long-term growth strategy and will help us to fully realize Artemis' potential," said Steven Yager, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Artemis Management Systems. "The merger with Proha will enhance our financial position by making more capitol Capitol, seat of the U.S. Congress Capitol, seat of the U.S. government at Washington, D.C. It is the city's dominating monument, built on an elevated site that was chosen by George Washington in consultation with Major Pierre L'Enfant. investment available to Artemis, which can be used for product line investments, additional acquisitions, and other growth objectives. Proha and Artemis also have many complementary products which can now be distributed through a much wider network." About Proha Plc Finland-based Proha Plc is a fast growing, profitable, international IT services company that concentrates on management solutions for the Internet age. Its key business areas are project management, financial management and Internet technologies. After this acquisition, Proha will employ approximately 450 people and operate in 27 countries. Over 50 percent of its pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net turnover originates from abroad. In sync with its international strategy, Proha will continue to strengthen its position in the US, Europe and Japan. For more information, visit www.proha.fi. About Gores Technology Group Gores Technology Group (GTG (chat) gtg - Got to go. The user is about to stop chatting. ) is a leading international technology acquisition and management company. Over the past ten years, GTG's focus has been on identifying and acquiring high technology companies and managing them for growth and profitability. GTG currently manages a portfolio of 10 companies with a customer base of over 7,500 corporations and individuals and over 1.3 million users. GTG's portfolio companies provide worldwide distribution, services and support for a broad range of software and technology-based products. GTG's portfolio companies have 75 offices in 40 countries throughout the world with approximately 50 percent of revenues derived from outside North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . For more information, visit www.gores.com. About Artemis Management Systems Founded in 1976, Artemis is the world's largest provider of enterprise project management software and consulting solutions. Artemis Views(R) is an integrated suite of role-based client/server and Web applications for multi-project planning, budget and cost control, resource tracking, and performance reporting. Artemis Views is used by IS/IT and geographically dispersed dis·perse v. dis·persed, dis·pers·ing, dis·pers·es v.tr. 1. a. To drive off or scatter in different directions: The police dispersed the crowd. b. organizations in a variety of industries -- including banking and finance, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , aerospace and defense, utilities, oil and gas, pharmaceuticals, manufacturing, and engineering and construction -- to improve project and resource performance and processes. Headquartered in Boulder, Colorado The City of Boulder (, Mountain Time Zone) is a home rule municipality located in Boulder County, Colorado, United States. Boulder is the 11th most populous city in the State of Colorado, as well as the most populous city and the county , Artemis operates from an international network of 40 offices in more than 25 countries worldwide. For more information, visit www.artemispm.com. |
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