Sidana Systems, Inc. Announces LBO and Restructuring.MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--March 19, 1999--Sidana Systems, Inc. (SSI) today announced that its founder 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. , Ashmeet Sidana, has agreed to sell his share of SSI in an LBO LBO See: Leveraged buyout LBO See leveraged buyout (LBO). to an investor group led by SSI Director Steve Schmitt. The terms of the deal were not disclosed. Schmitt said, "We have reached a definitive agreement and acquired control of SSI but there will be no change in SSI's primary focus on electronic publishing and building e-commerce solutions for documentation." Sidana, who will be leaving SSI to head a new Internet startup based on technologies previously initiated by SSI, said, "SSI has been a wonderful place for me. I have enjoyed growing it over all these years, and all the people here have been terrific to work with. I will miss them all; however, I'm excited to work on new products -- look for an announcement about that soon!" Scott Ober, who will be replacing Sidana on SSI's Board, has been named as the new President by the Board. He said, "Ashmeet contributed immensely to SSI, and we will miss his leadership and vision. We face significant challenges in the immediate future; however, I am confident that, as we have done in the past, we will continue to grow steadily and serve our customers well." Ravin rav·in also rav·en n. 1. Voracity; rapaciousness. 2. Something taken as prey. 3. The act or practice of preying. Suri, who will continue as a Director on the Board of SSI and is also part of the investor group, said, "I am sorry to see Ashmeet leave. He's done a terrific job leading the company from inception, but I have full confidence in our ability to make the transition under Scott." About Sidana Systems Headquartered in Mountain View, Sidana Systems, Inc. is a privately held corporation Noun 1. privately held corporation - a corporation owned by a few people; shares have no public market close corporation, closed corporation, private corporation specializing in electronic publishing products and services. Docsan(TM) is a Web-based document publishing system. It includes a powerful search engine with an innovative architecture that merges the Web and CDs into a comprehensive publishing platform. For example, Docsan provides live update for many popular standard filetypes, such as HTML HTML in full HyperText Markup Language Markup language derived from SGML that is used to prepare hypertext documents. Relatively easy for nonprogrammers to master, HTML is the language used for documents on the World Wide Web. , XML, SGML, and Adobe (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 :ADBE) Acrobat's PDF. The Docsan end-user component is supported on any browser running Java from Sun Microsystems (NASDAQ:SUNW), such as Microsoft (NASDAQ:MSFT) Internet Explorer or Netscape (NASDAQ:NSCP) Navigator, and on many platforms, including HP-UX HP's version of Unix that runs on its 9000 family. It is based on SVID and incorporates features from BSD Unix along with several HP innovations. (operating system) HP-UX - The version of Unix running on Hewlett-Packard workstations. from Hewlett-Packard (NYSE NYSE See: New York Stock Exchange :HWP), Windows 95/98/NT from Microsoft, and AIX from International Business Machines (NYSE:IBM). For more information on SSI and its products, please visit http://www.sidsys.com. Note to Editors: Docsan is a trademark of Sidana Systems, Inc. |
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