Network Imaging Sells French Subsidiary

To further restructure its activities, Network Imaging (Herndon, VA) has sold off its wholly owned French subsidiary,

Dorotech, 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.