AXS-One Announces Sale of Its Enterprise Financials Product Line
November 01 2006 - 7:00AM
PR Newswire (US)
Parallax Capital Partners to Purchase Financial Management
Solutions RUTHERFORD, N.J., Nov. 1 /PRNewswire-FirstCall/ --
AXS-One Inc., (AMEX:AXO), a leading provider of high-performance
records compliance management software solutions, announced today
that it has sold the assets of its Enterprise Financials product
line to Computron Software, LLC (Computron), a subsidiary of
Parallax Capital Partners, LLC (Parallax) of Irvine, California,
for $12 million in cash plus future potential consideration if
specified license revenue thresholds are exceeded. Parallax intends
to retain all of the AXS-One Enterprise Financials employees and
will continue to operate the Enterprise Financials business under
the Computron name. Customers of the Enterprise Financials business
include top companies in the financial services, insurance, health
care, life sciences, manufacturing and government sectors. AXS-One,
founded in 1978, will continue to operate its records compliance
management software business out of its Rutherford, NJ headquarters
and its international offices. Bill Lyons, Chairman and CEO of
AXS-One said, "We believe AXS-One's Enterprise Financials
technology and the market opportunity for financial applications
has excellent potential. For more than 20 years, AXS-One has been
known for developing great technologies including a suite of
Enterprise Financials applications. We firmly believe that this
divestiture is in the best interests of our shareholders, our
customers and our employees. Parallax has the capital and expertise
to ensure the necessary resources are in place to maximize the
value of the Enterprise Financials applications for customers,
partners and employees." Lyons added, "This action will enable
AXS-One to have full focus on its Records Compliance Management
(RCM) products, customers and partners. It is our intention to
become the leader in the RCM space and with a strengthened balance
sheet, we will be able to compete more effectively and reinforce
the confidence of our partners and prospects to insure our
long-term success in the RCM segment." "The Enterprise Financials
products are a powerful, comprehensive, and reliable solution that
has been meeting the needs of thousands of end user customers
worldwide for over 20 years," said James Hale, Managing Partner,
Parallax Capital Partners. "We will work very closely with our
customers to continue moving the solutions forward with a
commitment to protecting their investments in the Enterprise
Financials line. We also will have a great team of experienced,
talented people supporting and improving these solutions on a daily
basis." AXS-One will work closely with Computron to ensure a
seamless transition for the Enterprise Financial customers. The
transaction is part of AXS One's strategy to focus on its core RCM
product line. About Parallax: Parallax Capital Partners, LLC
(http://www.parallaxcap.com/). Parallax Capital Partners
specializes in acquiring and operating software companies that have
proven products and established customer bases. Parallax provides
its portfolio companies with experienced management skills as well
as cost effective infrastructure support including accounting and
finance, sales and marketing, research and development, and human
resources expertise. This unique capability has helped the Parallax
family of companies succeed worldwide as leading software vendors
across such industry sectors as financial services, government,
media, telecoms, manufacturing, and engineering. About AXS-One
AXS-One Inc. (AMEX:AXO) is a leading provider of high-performance
Records Compliance Management solutions. The AXS-One Compliance
Platform enables organizations to implement secure, scalable and
enforceable policies that address records management for corporate
governance, legal discovery and industry regulations such as
SEC17a-4, NASD 3010, Sarbanes-Oxley, HIPAA, The Patriot Act and
Gramm-Leach Bliley. AXS-One's award-winning technology has been
critically acclaimed as best of class and delivers digital
archiving, business process management, electronic document
delivery and integrated records disposition and discovery for
e-mail, instant messaging, images, SAP and other corporate records.
Founded in 1978, and headquartered in Rutherford, NJ, AXS-One has
offices worldwide including in the United States, Australia,
Singapore, United Kingdom and South Africa. For further
information, visit the AXS-One web site at http://www.axsone.com/.
Notes to Investors: Special Note Regarding Forward-Looking
Statements: A number of statements contained in this release are
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995 that involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the applicable statements. These
risks and uncertainties include, but are not limited to: our
ability to return to profitability; our ability to grow license and
service revenue; potential vulnerability to technological
obsolescence; the risks that our current and future products may
contain errors or defects that would be difficult and costly to
detect and correct; potential difficulties in managing growth;
dependence on key personnel; the possible impact of competitive
products and pricing; and other risks described in more detail in
AXO's most recent Form 10-K and other Securities and Exchange
Commission filings. All trademarks, registered trademarks, and
service marks are the property of their respective owners. Company
Contact: IR Contact: Joseph Dwyer Matthew Hayden AXS-One Inc.
Hayden Communications (201) 935-3400 (858) 704-5065 DATASOURCE:
AXS-One Inc. CONTACT: Joseph Dwyer of AXS-One Inc.,
+1-201-935-3400, ; or IR, Matthew Hayden of Hayden Communications,
+1-858-704-5065, , for AXS-One Inc. Web site:
http://www.axsone.com/ http://www.parallaxcap.com/
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