Network Imaging Sells French Subsidiary
To further restructure its activities, Network Imaging (Herndon, VA) has sold off its wholly owned French subsidiary,
, to German document management software provider SER Systeme AG
. While terms of the agreement were not discussed, the move eliminates a $6.5 million debt, retires $1.5 million in goodwill and produces a gain of nearly $900,000. The companies are currently working on a cross-licensing agreement that will allow Dorotech to continue to resell Network Imaging products in Europe. The move "is a significant development," said CEO Jim Leto, in that Network Imaging will now be able to focus domestically on core competencies.