Member Article

Gateshead's PrismTech sells software assets to FTSE 250 firm

Software firm PrismTech, which has its European headquarters in Gateshead, has sold its ‘OpenFusion CORBA’ software to Berkshire-based Micro Focus International plc.

North East commercial law firm, Square One Law, advised on the deal which will see PrismTech dispose of its OpenFusion assets.

The firm specialises in ‘middleware’ products - a type of software that provides software applications beyond those available from the operating system.

The company’s products enable customers to build and optimise high-performance systems primarily for mil/aero, communications, industrial, and financial markets.

Over the years PrismTech has built OpenFusion into a leading brand in the CORBA middleware marketplace with a loyal and well-served customer base.

The rapid growth in PrismTech’s new OpenSplice DDS and Spectra SDR product lines in the Industrial Internet market meant that the more mature OpenFusion line was no longer a comfortable fit for the company’s high-growth strategy.

This disposal will allow PrismTech to further invest in these high-growth products to ensure they maintain their market leadership in meeting the real-time data sharing needs of the Industrial Internet.

Keith Steele, CEO, PrismTech commented: “We are delighted with the service we received from Square One Law. As well as meeting the buyer’s demanding timetable, we were particularly impressed by their responsiveness and commitment, as well as the ability to call in support from their network of specialist lawyers.”

Square One Law’s corporate partner, James Bryce led the Square One Law team, which involved specialist real estate, employment and IP/IT lawyers.

James commented: “We are very pleased to have completed our first transaction with PrismTech and look forward to supporting their continued growth in an interesting market. The sale of OpenFusion was very much a strategic move by PrismTech and one that will enable them to sharpen their focus on their future in the Industrial Internet market.”

This was posted in Bdaily's Members' News section by Tom Keighley .