IMRS completes acquisition of Pillar; budgeting products complement IMRS' total solution for client/server financial management.STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Dec. 2, 1994--IMRS Inc. and Pillar pillar, freestanding columnar supporting member. It is a general term, little used as an exact architectural definition except as applied to an upright support in the medieval styles, consisting of an assemblage of juxtaposed shafts and moldings; unlike the column, Corp. today announced the completion of their agreement, reported earlier this month, to merge the two companies. The tax-free, stock-for-stock transaction was accounted for as a "pooling of interests Pooling of Interests An accounting method, used in mergers and acquisitions, where the balance sheet items of the two companies are simply added together. Notes: The opposite of pooling of interests is the purchase acquisition method. ." IMRS IMRS Intensity-Modulated Radiosurgery IMRS Irish Missionary Resource Service IMRS Internet Market Research Services (UK) IMRS integrated monitoring and recording system (aviation) is in the process of issuing 585,000 shares (including shares underlying options and warrants to be assumed by IMRS) to the stockholders of Pillar, valuing the acquisition, at closing, at $19.7 million. Pillar, based in Foster City, Calif., is a leading provider of corporate budgeting software. Founded in 1988, Pillar markets and supports FYPlan and FYControl, products running on Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. and Macintosh platforms and in use at more than 250 corporations. The company generated revenues of approximately $10 million for its year ended Sept. 30, 1994, a 75% increase over the prior year. The acquisition strengthens IMRS' position as a provider of complete, financial information management solutions in a client/server environment A networking environment that is made up of clients and servers running applications designed for client/server architecture. See client/server. . IMRS, with $84 million in sales for the year ended June 1994, develops, markets and supports financial management software for more than 1,650 large, multinational corporations
"Pillar will enable IMRS to integrate enterprise budgeting in its family of reporting, analysis and consolidation software, which has grown explosively in a market with few competitors," said Barry Wilderman of the META Group, a market research firm in Stamford. "IMRS' addition of budgeting and ultimately client/server financials to its quiver of strong financial management software will broaden its market." International Data Corp. (IDC), a leading market research firm in Framingham, Mass., recognizes IMRS as third among worldwide vendors providing client/server accounting software. IMRS has been identified by Forbes magazine as one of "The World's Best Small Companies" and, accordingly to the July 1994 issue of Software Magazine, is among the 20 fastest growing of the top 100 independent software companies worldwide. CONTACT: IMRS, Stamford Lucy R. Ricciardi, 203/321-3705 |
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