MathSoft Sells Engineering and Education Products Division; Company Appoints New CEO and Changes Name to Insightful.Business/Technology Editors CAMBRIDGE, Mass.--(BUSINESS WIRE)--Jan. 23, 2001 Strategic Moves Reflect Company's Focus on Faster Growing Data Analysis Market MathSoft, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : MATH), a leading provider of technical software and services, today announced the sale of its Engineering and Education Products Division (EEPD) to a private company formed by its management team and headed by Chris Randles, formerly a senior vice president of MathSoft and the general manager of its Engineering and Education Products Division. The sale of EEPD's assets for gross cash proceeds of $7 million has been approved by the board of directors and is effective immediately. Outside equity investors and EEPD management have financed the acquisition of EEPD. MathSoft, Inc. will proceed to do business as Insightful Corporation, based in Seattle, under a new trading symbol Trading symbol See: Ticker symbol (NASDAQ: IFUL) expected to become available for use on January 24, 2001. MathSoft shareholders will be asked to approve a formal name change from MathSoft, Inc., to Insightful Corporation at the next annual meeting of stockholders, presently contemplated to be held in April of 2001. The sale of the EEPD Division by MathSoft, Inc. did not result in any change in the nature of the rights of MathSoft, Inc. shareholders whose ownership in the company continues uninterrupted. Following the sale of the EEPD Division, the operations of MathSoft, Inc., doing business as Insightful Corporation, will be focused going forward on solutions for predictive analysis, data mining and business intelligence. MathSoft originally acquired the data analysis operation in 1993, which grew its revenues to $15.2 million in 2000. The company's flagship product A primary product of a company, which is typically why the company was founded and/or what made it well known. For example, MS-DOS, Windows and the Microsoft Office suite have been flagship products of Microsoft. CorelDRAW is a flagship product of Corel Corporation. , S-PLUS(R), is a de facto standard Hardware or software that is widely used, but not endorsed by a standards organization. Contrast with de jure standard. de facto standard - A widespread consensus on a particular product or protocol which has not been ratified by any official standards body, such as ISO, software package for statistical data analysis. The newly divested EEPD operation will do business as MathSoft Engineering & Education, Inc., and expects to assume all rights to the MathSoft name following shareholder approval of the name change to Insightful Corporation. Effective February 1, 2001 Shawn Javid, senior vice president and general manager of the Data Analysis Products Division will become 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 Insightful Corporation. MathSoft's Chairman, President and CEO, Charles Digate will remain chairman of Insightful for a minimum transition period of six months. "Although engineering and educational software were the genesis of MathSoft, focusing the company on higher growth data analysis solutions will provide the best opportunity for Insightful to deliver long term shareholder value," said Digate. "Shawn Javid has been instrumental in the success and rapid growth that the Data Analysis Products Division has enjoyed to date and is the natural choice to lead Insightful forward in this exciting next stage in the company's evolution." The Data Analysis Products Division has demonstrated strong growth over the last several years. In a separate release today, the company announced quarterly revenues of $3.8 million, for the fourth quarter ended December 31, 2000, representing a 16% increase from the fourth quarter of 1999. For the year ended December 31, 2000 the division showed a 25% increase in revenues. "I am honored and excited to lead the business forward," said Javid, the new CEO. "With this move, Insightful will be able to effectively capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. our core strengths and key growth opportunities as a provider of solutions for predictive analysis and data mining." Javid added, "Insightful already has a broad base of blue chip customers across four core markets of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , life sciences, manufacturing and CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , all of whom already benefit from the real bottom-line value provided by our analytical analytical, analytic pertaining to or emanating from analysis. analytical control control of confounding by analysis of the results of a trial or test. solutions. Our customers rely on us to increase the quality of information available to decision makers, by improving the speed, accessibility and sophistication so·phis·ti·cate v. so·phis·ti·cat·ed, so·phis·ti·cat·ing, so·phis·ti·cates v.tr. 1. To cause to become less natural, especially to make less naive and more worldly. 2. of analytical methods." The company will be holding a conference call regarding this announcement on January 23, 2001 at 5:00 pm EST EST electroshock therapy. EST abbr. electroshock therapy . The dial-in number for the call is 888 287-2552 and a replay will be available for a seven-day period following the call or via Webcast at www.insightful.com/investor The company also today announced results for the fourth quarter and year ended December 31, 2000. About Insightful Corporation, formerly known as MathSoft, Inc. Founded in 1984, and following its January 2001 sale of its Engineering and Educational Products Division, MathSoft will now do business as Insightful Corporation (Nasdaq: IFUL). Insightful Corporation is a leading supplier of software and services for predictive analysis, data mining, and business intelligence. Its customers include most of the major financial services, biotechnology, pharmaceutical, high tech manufacturing and telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. firms throughout the world in addition to a large number of research institutions in government and academia. The company has more than 140 employees, with corporate offices in Seattle, WA and Bagshot, England and an extensive network of international distributors. This release contains information about management's future expectations, plans and prospects that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors, including, but not limited to, the risks associated with distribution channels; the risks associated with international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; the risks associated with acquisitions; the risks associated with investments in new products and services, and the ability to enhance current products and to introduce new products in a timely fashion. Please refer to the cautionary statements appearing in Insightful's Annual and Quarterly Reports and prospectus filed with the Securities and Exchange Commission for a discussion of these and other various factors that could cause Insightful's actual results to differ materially from those discussed in the forward-looking statements. More information about Insightful Corporation, products and services is available at http://www.insightful.com, 1-800/569-0123, fax 206/283-8691 or mail 1700 Westlake Avenue North, Suite 500, Seattle, WA 98109. S-PLUS and StatServer are registered trademarks, and Insightful Corporation, Insightful and the Insightful logo are trademarks of Insightful Corporation. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion