Eastman Software and Eastman Kodak to split up

Effective Sept. 1, Eastman Software will break away from Eastman Kodak and become an independent company with financial backing from a privately held investment group. Previously, the company was a wholly owned subsidiary of Eastman Kodak within its Document Imaging division.

Eastman Software will continue to deliver its core competencies through its products and strategic development of its e-business solutions, which are designed to help its insurance and government customers handle policy underwriting, fulfillment and customer service, as well as to help its banking customers handle loan origination, administration and customer service. The company will also continue to work closely with its network of partners and customers.

The company will maintain its headquarters in Billerica, MA, and existing offices worldwide. Terms of the agreement were not disclosed.