Computer Horizons Announces Sale of Princeton Softech to Apax Partners, Inc.Business/Technology Editors MOUNTAIN LAKES, N.J.--(BUSINESS WIRE)--March 26, 2002 Computer Horizons Corp. (Nasdaq: CHRZ), a professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and human capital management company, today announced the sale of its wholly-owned subsidiary, Princeton Softech, Inc. to Apax Partners, Inc. and LLR LLR Lunar Laser Ranging LLR Log-Likelihood Ratio LLR Loan Loss Reserve LLR Low Level Radiation LLR Looks Like Rain (song) LLR Local Linear Regression LLR Lessons Learned Report LLR Load-Limiting Resistor Partners. In the $16 million transaction, Apax Partners acquired the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of Princeton Softech, a software products company that leads the industry in providing active 'archiving' solutions to Fortune 1000 companies. The sale was part of CHC's overall plan to divest of non-core assets and strengthen its balance sheet. With the sale of Princeton Softech, CHC CHC Chicago Cubs CHC Community Health Center CHC Chestnut Hill College (Philadelphia, Pennsylvania) CHC Congressional Hispanic Caucus CHC Community Health Council (UK National Health Service) has successfully completed its divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). plan, which included the previously announced sales of CHC International Limited "Spargo", and eB Networks. "We are now poised to fully devote our attention to growing our continuing Solutions Group, which includes Chimes, as well as our Government and HIPAA (Health Insurance Portability & Accountability Act of 1996, Public Law 104-191) Also known as the "Kennedy-Kassebaum Act," this U.S. law protects employees' health insurance coverage when they change or lose their jobs (Title I) and provides standards for patient health, practices," said John J. Cassese, Chairman 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 Computer Horizons. "We are executing on plan, and CHC stands in a much stronger financial position than a year ago today." This is the fourth corporate buyout led by Apax Partners in the past year -- previously announced transactions include the acquisition of Affymax from GlaxoSmithKline, Yell from British Telecom The telephone and communications carrier that provides services in Great Britain and Northern Ireland. It used to be a division of the British Post Office, but was privatized in 1984 under Margaret Thatcher's administration. , and Azimut from Bipop Carire. "We believe there is great value in helping a subsidiary of a large firm to set out on its own, particularly when -- as in this case -- the company has a strong value proposition, proven technology, large base of satisfied clients, and has taken the lead position in its market," said Gregory M. Case, General Partner at Apax Partners. Case, along with Dr. Evangelos Simoudis, Partner at Apax Partners, is a member of Princeton Softech's Board of Directors. About Apax Partners The Apax Partners group is one of the world's leading private equity investment groups, managing more than $11 billion on behalf of institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. worldwide. Its cross-border teams of more than 185 investment professionals in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Europe, Israel and Japan, work together to identify the best investment opportunities and to help build world-class companies. They focus their investment efforts on several industry sectors, including Information Technology, Telecommunications, Health Care and Retail/Consumer. Funds advised by the group pursue a balanced equity portfolio strategy, investing in companies at all stages of development from start-up to buy-out. ABOUT LLR PARTNERS INC. LLR Partners Inc. (www.llrpartners.com) is a $260 million private equity firm providing capital to companies with strong growth potential, proven business models and outstanding management teams. LLR primarily makes investments of $5 million to $20 million in a broad range of growth industries, with an emphasis on business services and information technology. About Computer Horizons Corp. Computer Horizons Corp. (Nasdaq: CHRZ) is a strategic human capital services and e-Business solutions company with more than thirty years of experience, specifically in information technology. As a global leader in systems integration and managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality , CHC enables companies to maximize technology investments. By leveraging its core business in IT services and its proprietary technology through Chimes, its wholly-owned subsidiary, CHC is enabling its Global 2000 customer base to align and integrate business planning with human resource management across an enterprise's business functions. For more information on Computer Horizons, please visit our Web site at www.computerhorizons.com. About Princeton Softech Princeton Softech (www.princetonsoftech.com) is a software products and services company that helps enterprises enhance the performance of their systems by managing data smarter. The company allows enterprises to manage their mission-critical applications more efficiently through "active archiving Moving data to a secondary storage medium that can be readily accessed if required. Active archiving enhances the performance of production databases by eliminating records that are not accessed daily, but may be needed for reference from time to time. ." By using Princeton Softech's suite of Active Archive Solutions(TM), companies can identify and move complete sets of infrequently used data to an active archive, while maintaining accuracy, integrity and business context. Princeton Softech is a leader in enterprise-scale data management solutions, with over 2,000 of the world's largest companies in more than 30 countries using Princeton Softech's products and services. |
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