ClientSoft, Preparing for an Anticipated IPO, Appoints New CFO.HAWTHORNE, N.Y.--(BUSINESS WIRE)--Nov. 30, 1999-- ClientSoft, a business to business e-commerce industry leader which has increased its sales 230 percent over the last three years by developing solutions which link host computer systems to Internet, wireless and remote access devices, strengthened its preparations for an anticipated Year 2000 IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. by appointing Pat R. Frustaci, Senior Vice President and Chief Financial Officer. Mr. Frustaci, former Vice President and Chief Financial Officer at LCS Industries Inc., a direct marketing and custom software services company headquartered in New Jersey, brings more than 20 years of financial and operations experience to ClientSoft. He reports to Scott C. Nevins, ClientSoft's Chairman, 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. . Commenting on today's announcement, Mr. Nevins said, "Pat understands the software industry and has considerable experience with public offerings, which is critical to ClientSoft as the company expands, shifts gears and gets ready for our anticipated IPO in the Year 2000. Simply put, he's the right person, in the right place at the right time." During his tenure at LCS, revenue grew from $65 million to more than $100 million. Mr. Frustaci was responsible for all financial, legal and administrative aspects of the company's business. Mr. Frustaci previously served as Vice President and Chief Financial Officer of Image Business Systems, Inc., and Chief Executive Officer of Turnkey Solutions, Inc. He began his career at Ernst & Young, primarily performing audits of large public companies. He subsequently was named Vice President and Treasurer at On-Line Software International Inc. He has an MBA degree from Fairleigh Dickinson University Fairleigh Dickinson University, at Florham-Madison and Teaneck-Hackensack, N.J.; coeducational; incorporated and opened 1942 as a junior college, became a four-year college in 1948 and a university in 1956. and a B.S. in accounting from St. Peter's College St. Peter's College may refer to: Places of education sorted by location Australia
An accountant who has met certain standards, including experience, age, and licensing, and passed exams in a particular state. . In another financial-related development, ClientSoft announced the appointment of Patrick Danna, CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. , as Controller. Mr. Danna joined ClientSoft in January, 1999 and was formerly Business Manager at Cromlix, LLC, and also served as Vice President, Controller and Treasurer at CHI Energy, Inc., in Stamford, Conn. Prior to that, Mr. Danna was a Partner at Bencivenga & Company, CPAs in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and worked as a Staff Accountant at Joseph P. Kennedy Enterprises, Inc. at the start of his career. Mr. Danna holds a B.S. degree in accounting and is a member of the American Institute of Certified Public Accountants With over 330,525 CPA members (in August 2006), the American Institute of Certified Public Accountants (AICPA) is the largest professional organization of Certified Public Accountants (CPAs) in the United States of America. . In business since 1987, ClientSoft, an industry leader according to the GartnerGroup, is the next innovator in the Internet revolution, reshaping the way products and services are bought, sold and serviced by leveraging an organization's multi-million dollar investments in host-based applications and transforming them into e-commerce and e-business solutions. ClientSoft has created several significant firsts for the insurance and healthcare industries, including eXoro(TM), a ground-breaking solution which enables insurance agents to write and actually issue new policies, from anywhere, in real time via the Internet. ClientSoft's vision is to enable today's leading organizations to capitalize on Internet-based business and commerce opportunities while protecting their significant IT investments. The company has worked with hundreds of Fortune 1000 companies, insurance and healthcare companies and government agencies including: ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. , Allied Insurance, Blue Cross-Blue Shield of South Carolina, Consultec, CSC Logic, Dow Jones, The Farmers Insurance Group, First Health, Gainsco Inc., Goodyear, KPMG, Lockheed Martin, Motorola and Trustmark Insurance Co. ClientSoft is privately held and headquartered in Hawthorne, New York Hawthorne is an unincorporated hamlet and census-designated place (CDP) located in the town of Mount Pleasant in Westchester County, New York. The population was 7,083 at the 2000 census. History Much of Hawthorne was once known as Sherman Park. . More information about ClientSoft and its software solutions is available by visiting the ClientSoft website, http://www.clientsoft.com. |
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