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December 3, 1987

MANAGEMENT BUYOUT FOR SYDNEY DEVELOPMENT’s IBM MANUFACTURING ARM

By CBR Staff Writer

Sydney Development Corp has sold its Lichfield, Staffordshire IBM systems division to the management for an undisclosed sum. The sale is designed to enable the Canadian outfit to concentrate on its X400 communications software business recently strengthened by the completion of the purchase of LDR Systems Ltd (CI No 610). The buy-out of the Commercial Information Systems Division was led by managing director Mike Hawkesford and sales director David Swain. In the year to March 31, the division had a turnover of UKP840,000. According to Hawkesford, sales have increased substantially this financial year with the success of FM&C, a shop floor package running on IBM’s System 36 and 38 that links into the Maapics and Copics manufacturing programs. Crown Computing Ltd, as the business is now to be known, also offers accounting and financial packages and information management and text retrieval software for the IBM mid-range. It is currently developing its first products for the IBM 9370. Revenue this year is expected to top UKP1.5m, but, with over 40 staff, Hawkesford admits it will be some time before the business turns a profit.

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