Intersolv acquires British software firm

Maryland Watch

March 03, 1998

Intersolv Inc., a Rockville-based software development firm, said yesterday that it has acquired SQL Software Ltd.

Intersolv took over SQL in return for approximately 1.3 million shares of Intersolv common stock. The deal was valued at about $20 million.

Intersolv, which was founded in 1982, helps companies develop specialized software.

SQL, based in Hertford, England, crafts customized software assembly processes.

"It's an area we were not involved in, and the market's really young," said Intersolv President and Chief Executive Officer Gary Greenfield. "We recognize trends earlier than others and incorporate them into the company."

Greeenfield said he anticipates no job losses as a result of the acquisition. He added that SQL's Vienna, Va.-based American operations will gradually be consolidated in Maryland.

Privately held SQL had about $9 million in revenue in 1997. Intersolv had $160.4 million in revenue for its last full fiscal year, which ended April 30.

Intersolv shares declined 31.25 cents to close at $15.25 on the Nasdaq market yesterday.

Pub Date: 3/03/98

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