Ravel Software Announces Merger With Y2K Tool Company Turnkey 2000.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--March 11, 1998--Ravel Software Inc. announced today that as of March first, Turnkey 2000, a provider of Y2K See Y2K problem and Y2K compliant. Y2K - Year 2000 compliance tools, has merged with Ravel. The merged company plans to go public later in the year. "This merger gives us Turnkey 2000's suite of 14 different products for client/server languages plus COBOL COBOL: see programming language. COBOL in full Common Business-Oriented Language. High-level computer programming language, one of the first widely used languages and for many years the most popular language in the business community. and tool experienced consultants," says Ravel 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. David Ghosh. "This is a powerful addition to our core competency A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
The Turnkey 2000 suite of shrink-wrapped tools addresses all phases of Year 2000 software conversion projects including impact assessment, project management and remediation. "The Y2K challenge is enormous and the client/server portion represents a huge opportunity for Ravel," say Ghosh. "Joining forces allows us to expedite research and development and bring innovative products and services to the market more quickly," says Ravel President Bhupendra Patel. In addition to Y2K tools, Ravel will launch conversion tools for the new Euro currency by third quarter 1998 and other modern code migration tools by second quarter 1999. Turnkey 2000's customer base has included European and U.S. financial institutions, major manufacturing and retail companies, government agencies, a number of leading hardware and software vendors and many other Fortune 1000 companies. "There are few organizations that have finished tackling the Year 2000 problem Year 2000 problem, Y2K problem, or millennium bug, in computer science, a design flaw in the hardware or software of a computer that caused erroneous results when working with dates beyond Dec. 31, 1999. . And the client/server part of the market is exploding as companies look beyond the mainframe environment," says Ghosh. This is demonstrated by Turnkey 2000's revenue growth from $1.03 million for all of 1997 to $2 million in January and February of 1998 alone. Founded in 1995, privately held Ravel has provided quality software and professional consulting services to the global information market. Prior to the merger, Ravel grew at an impressive rate of 150% per year, earning $6.2 million in 1997. With the merger, Ravel Software now has 150+ employees with access to a large pool of software engineers through its subsidiary in Madras, India. Headquartered in San Jose, California San Jose (IPA: /ˌsænhoʊˈzeɪ/) is the third-largest city in California, and the tenth-largest in the United States. It is the county seat of Santa Clara County. , Ravel has offices in Chicago, Dallas, Phoenix and New Jersey. Offices in Atlanta and London will open in April. They may be reached at (408) 955-1990 or at www.unravel.com. CONTACT: Ravel Software Inc. Kathleen Means, 408/955-1990 ext. 324 kmeans@unravel.com or S&S Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Beth Scudder, 847/291-1616 ext. 274 scudder@sspr.com |
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