Now here's a big surprise. (not)
Hummingbird to sell CMS/Data subsidiary
TORONTO, Aug. 17 /CNW/ - Hummingbird Communications Ltd. (TSE:HUM,
NASDAQ:HUMC) a world-leading enterprise software company, has signed an
agreement to sell CMS/Data Corporation, the time-based billing software
subsidiary of recently-acquired PC DOCS Group, to Solution 6 Holdings Limited
(ASX:SOH) of Australia.
The value of the sale is approximately US$30 million and is subject to
customary conditions, including receipt of approval required under the
Hart-Scott-Rodino Antitrust Improvements Act. It is expected that the
transaction will close in approximately 30 days.
This transaction is a logical progression in Hummingbird's plan to focus
on the Enterprise Information Portal (EIP) market. Hummingbird's new
organizational structure clarifies the key strengths of the company by
defining three core business units: Knowledge Portals, Decision Portals and
Connectivity Solutions. The overall strategic purpose of this reorganization
is to support the company's vision for EIP solutions -- web-based software
systems that bring together all enterprise and e-business information into the
right context to support faster, better business decision making.
``We are delivering on our commitment to streamline our business rapidly
and reduce the debt we assumed in the acquisition of PC DOCS Group,' said
Fred Sorkin, Hummingbird's Chairman & CEO. ``The sale of CMS/Data tightens the
focus of our business plans and makes the most sense for both CMS employees
and the existing customer base. This move further strengthens our new
organization structure allowing us to concentrate our energies on our core
businesses and our Enterprise Information Portal strategy.'
CMS/Data is based in Tallahassee, Florida and employs approximately 250
people worldwide in the development, sales and support of CMS OPEN, a
client/server financial information management and time-based billing solution
for professional services firms.
About Hummingbird Communications Ltd.
Hummingbird Communications Ltd. specializes in the development of
enterprise software solutions, including network connectivity, decision
portals and knowledge portals. Hummingbird's enterprise software solutions
provide access to business critical information, structured and unstructured
data. Hummingbird products are sold and supported internationally by sales
personnel and authorized resellers in more than 40 countries. The Company is
headquartered in Toronto, Ontario, Canada, with offices strategically located
around the world.
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For further information: Inder P.S. Duggal, Chief Financial Officer & Chief Controller, Tel: (416) 496-2200, Fax: (416) 496-2207, E-mail: investors@hummingbird.com; Kristine Sonnenberg, Director, Investor Relations, Tel: (416) 497-7700 ext. 1105, Fax: (416) 495-6585, E-mail: investor@pcdocs.com
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