Computer Concepts Corp’s is essentially spinning out its Softworks Inc subsidiary, which says it’s planning a public offering of 4 million shares of common stock. It has yet to make the requisite filings with The Securities and Exchange Commission and says it will be making an announcement about the pricing soon. The Alexandria, Virginia-based Softworks – where former Perot Systems chief executive James Cannavino recently showed up as chairman of the board (CI No 3,380) – provides consulting and systems integration services. The company figures it will offer the shares some time in July 1998 and says it will use the proceeds for working capital purposes. Softworks, which recently launched a new suite of conversion and testing tools for the Y2K and Euro conversion markets, boasted 1997 revenues in excess of $26m. Cannavino is slated to stay on as chairman after the split, which will give Softworks its own set of financials, although the percentage of the company that is being floated wasn’t disclosed.
