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September 2, 1997updated 03 Sep 2016 2:01pm

NEOMEDIA BUYS ONE YEAR-OLD ALLEGIANT FOR $11.4M

By CBR Staff Writer

Migration software and Year 2000 specialist NeoMedia Technologies Inc has agreed to acquire all the stock of privately-held Allegiant Legacy Solutions Inc for $11.4m. Allegiant, based in Cincinnati, Ohio, is less than one year old, but has built up what Neomedia sees as an attractive franchise through the sale of its Adapt/2000 software tools that automatically identify, seek and correct date data stored in various formats across both program code and specific data files. It achieved total revenues of around $921,000 and net profit of $226,000 through the eight month period ending on July 31 1997. NeoMedia, which has tools for migrating mainframe and proprietary systems Cobol code over to Unix and Windows NT systems, has its eye on the huge task of converting legacy system code to comply with Year 2000 requirements – and hopes to shift the legacy code over to open systems hardware at the same time. The transaction consists of the issue of 1,070,000 shares of NeoMedia common stock, and will be accounted for as a pooling of interests. NeoMedia, which had sales of $17.5m in 1996, posted a $3.1m loss, largely as a result of investments in the other side of its business, intelligent document management.

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