Alventive, Inc. Spins-Off IronCAD, LLC; Employee-Owned Company Will Focus on Solid Modeling Technology.
SANTA CLARA, Calif.--(BUSINESS WIRE)--March 19, 2001
Alventive, Inc., an innovator of collaborative design software, today announced that it has signed a definitive agreement to spin off an independent company in a strategic move to best serve its customer base. The new company, IronCAD, LLC, headquartered in Atlanta, will focus on continuing to grow the IronCAD(TM) business, building on the momentum of the recently released IronCAD 4.0. Alventive remains dedicated to providing its customers with the market's leading collaborative design solutions. IronCAD, LLC, is employee-owned, with a management team made up of former Alventive executives. Alventive is retaining a minority interest in the newly formed company. The deal is expected to close by March 31, 2001.
With high profile customers such as Ford Motor Company, Northrop Grumman and Allied Signal, IronCAD, LLC will enable its customers to fully realize the productivity gains obtained through using IronCAD's innovative mechanical solid modeling design approach. "Our first priority of business is to ensure the continued success of our existing IronCAD customers," said Dr. Tao-Yang Han president, IronCAD, LLC.
"Working with IronCAD for over a year now, we know just how good the IronCAD software development team is," said IronCAD customer Alan Goswell, managing director, Leonardo Computer Systems. "I am confident that it will continue to be the most productive, trailblazing product in MCAD."
IronCAD was released in June 1998 by Visionary Design Systems (now Alventive), based on technology it acquired from 3D/EYE, Inc. in 1997. The merger of the two companies' extensive engineering and innovative technologies created a formidable player in the mechanical engineering marketplace. IronCAD became the fastest selling mechanical solid modeling design system in the industry, as its unique architecture and patented technologies create the most productive solid modeling environment available. Since its release, the product has received numerous accolades from top CAD publications. In March 2000, it was recognized as a finalist in the NASA Tech Briefs Product of the Year Award. It also won the 1998 and 1999 Computer Graphics World Innovation Award and two CADENCE Magazine Editor's Choice Awards.
"Since we launched as Alventive almost a year ago, our primary focus has been on our collaborative design solutions," said Rick Neely, CFO, Alventive, Inc. "With the successful release of IronCAD 4.0 and strong installed base, it makes sense for IronCAD, LLC to become independent. We are excited about the prospect for IronCAD, LLC to grow their business and market leadership position."
About IronCAD, LLC
Based in Atlanta, IronCAD, LLC is the world's leading provider of innovative mechanical solid modeling design solutions that deliver the highest levels of customer satisfaction and productivity. Its flagship product, IronCAD(TM), is a revolutionary design tool that incorporated the first new solid modeling architecture in a decade. It is the most rapidly adopted mechanical solid modeler in recent years, taking Windows-based engineering to new levels of productivity and functionality. For additional information, please contact IronCAD, LLC at 800/339-7304 or www.ironcad.com.
Alventive enables the creation of online collaborative product communities that bring manufacturers and members of extended supply chains together to participate early in the innovation of new products. Using Alventive Collaborative Design Solutions, companies can unleash their supply chains' intellectual capital to deliver market-relevant products faster, and at lower cost. Alventive is headquartered in Santa Clara, with offices throughout the United States and Canada. For additional information, please contact Alventive at www.alventive.com.
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|Date:||Mar 19, 2001|
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