Software AG has sold a majority stake in its US subsidiary to venture capital firm, Thayer Capital, to fund research and development costs and grow its sales channels.
The software house is believed to have sold an 80 per cent stake in its US venture, valued at approximately $150 million. Software AG corporate in Germany has retained a 10 per cent shareholding in the company, and senior management in Germany and the US has kept another 10 per cent.
Roopinder Singh, Software AG?s marketing and strategic partnerships director, said: ?There?s a long-term plan to take the US subsidiary public - over the next two or three years. We?re raising the capital to fund further R&D to move our core product set into Web and intranet markets and to grow our sales channels and services worldwide. The aim is to grow our indirect business from 25 per cent now to 40 per cent by the Year 2000.?
He added that the transaction had taken place in the US because it was easier to get venture capital there than elsewhere, and that the company was also looking to make acquisitions to further grow its business.
Possible areas of interest included Internet-based security products and systems management offerings for distributed environments and the Net.
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