Mainsoft Signs Strategic Investment Agreement With the Formula Group
12/14/99 1:18:00 PM
Source: PR Newswire
Investment Accelerates Mainsoft's Windows(R) Platform for UNIX Adoption Rate
For Corporate IT Customers
SAN JOSE, Calif., Dec. 14 /PRNewswire/ -- Mainsoft, the leader in cross-platform solutions for the enterprise, today announced that the company has reached a strategic investment agreement with the Formula Group (Nasdaq: FORTY), a leading international information technology software company. The transaction will be completed through Crystal Systems Solutions Ltd. (Nasdaq: CRYS), a member of the Formula Group. Under the terms of the agreement, Crystal will invest up to $22.5 million in Mainsoft, with an initial investment of $10 million cash transaction.
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Mainsoft plans to further build its marketing and sales organization with the Formula Group investment as well as help fund operational growth and expansion. Leveraging the Formula Group's industry expertise, Mainsoft will begin to capitalize on the enormous corporate IT market opportunity through the integration of business and technology. This alliance with the Formula Group will help Mainsoft continue to produce and deliver the most innovative and creative cross-platform development solutions for Fortune 1,000 companies.
"We are proud to join forces with the Formula Group. Their strong financial backing and industry expertise will allow us to expand the adoption of our Windows platform for UNIX to the corporate IT marketplace," said Yaacov Cohen, president of Mainsoft. "With their investment and guidance, we plan to scale up our corporate infrastructure and strengthen our strategic relationship with Microsoft to deliver additional creative technology solutions."
Mainsoft develops and markets a Windows platform for UNIX systems including Linux, allowing Windows applications to run natively in those environments. MainWin, the company's flagship product, enables independent software vendors and enterprise customers to maximize their current investment in applications developed for Windows to generate native UNIX applications. By using MainWin, overall development costs are dramatically reduced and time to market is significantly improved. To date, the company has deployed more than one million end-user licenses of MainWin.
"This investment in Mainsoft underscores our commitment to the cross-platform development needs of our current and future customers," said Gadi Goldstein, president of Formula Systems and chairman of Crystal. "The collaboration between Mainsoft's management team coupled with the Formula Group's leadership will enable us to take advantage of this enormous market opportunity. As a result, we felt compelled to invest in the leading provider of Windows-to-UNIX cross-platform development solutions."
About Formula
The Formula Group is an international information technology company
principally engaged, through its subsidiaries and affiliates, in providing
software consulting services developing proprietary software products, and
providing computer-based solutions.
About Crystal Systems Solutions
Established in 1987, Crystal Systems Solutions Ltd. provides software renovation solutions, based on its proprietary technology, for complex conversion and migration projects. Crystal has built its conversion expertise through the successful completion of projects for many prestigious Fortune 1,000 companies, thus establishing its competency and achieving global recognition and presence.
The Crystal renovation methodology consists of several phases, including assessment, conversion and testing. This methodology allows for tailor-made adjustments to the automated process, based on client requests, thus providing cost-effective, customized solutions. Crystal's renovation solutions include platform and database migrations, IT mergers and acquisitions, and language upgrades. They are available for mainframe, midrange and client/server computing platforms. Crystal Systems Solutions is a member of the Formula Group.
About MainWin
MainWin is Mainsoft's Windows platform for UNIX systems including Linux.
MainWin includes the implementation of Win32 APIs and Windows NT services on
UNIX. Through strategic agreements with Microsoft, Mainsoft has access to
Windows NT(R) and Windows 2000(R) source code. Mainsoft has incorporated
several million lines of original Windows NT source code into MainWin. This
ensures that applications developed with C, C++ and Dynamic HTML for Windows
will run on UNIX as it does on Windows NT. For example, some of the more
leading business applications re-hosted to UNIX with MainWin include:
Microsoft's Internet Explorer; Microsoft's Outlook; Computer Associate's
Unicenter; and Alcatel's X-Vision Enterprise.
About Mainsoft Corporation
Mainsoft automates re-hosting Windows NT applications on UNIX and Linux platforms. Founded in 1991, Mainsoft is privately held with its corporate headquarters in San Jose, CA. The company maintains sales offices in Boston, Atlanta, Austin, Washington D.C., and London.
Mainsoft customers include Fortune 1,000 companies, Independent Software Vendors (ISV's), corporate enterprise software developers, government agencies, and OEMs. For additional information on Mainsoft, call 408-544-1400 or visit their Web site at www.mainsoft.com.
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