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January 30, 1997updated 05 Sep 2016 1:06pm

KODAK FINALLY BUYS WANG SOFTWARE BUSINESS FOR $260M

By CBR Staff Writer

Wang Laboratories Inc and Eastman Kodak Co finally cleared away all the obstacles in the way of Kodak buying Wang’s software business – such as transfer of the rights that Microsoft Corp acquired to the image software in return for its 10% stake in Wang – for $260m in cash. Wang is quite happy to focus all of its resources on its network and desktop integration and services business and Kodak is desperately keen to reduce its dependence on wet film. The business will remain in Billerica, run as a separate subsidiary within Kodak’s Business Imaging Systems organization, and the 700 employees of Wang Software will transfer. Wang chief executive Joseph Tucci says the $260m cash from the sale of its software unit to Eastman Kodak Co will be used for acquisitions to strengthen what is now its core services business. We’ll use the cash to grow internally as well as do more acquisitions, he told Reuters, I have told our shareholders at every meeting I’ve had with them that I intend to grow this company fast.

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