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November 3, 1995

PALM RAISES ú3m, ú600,000 OF IT TO BUY RADAN BUSINESS

By CBR Staff Writer

Palm Technology Plc, Cardiff, Wales has raised an additional ú2.4m on top of the ú600,000 already raised to acquire Radan Business Systems Ltd. Radan is a reseller for Oracle Corp and Sun Microsystems Inc. The acquisition will be partly funded by a new injection of funds from venture capital giant 3i Group Plc. Palm Technology is the holding company for Syntech Computer Systems Ltd, a software developer producing time billing and accounting software that runs on Sun workstations with Oracle databases. The acquisition was made to increase our technology portfolio, we wanted a hardware and relational database business to supplement out network and software divisions, said Ian McPherson, the company’s chairman. Radan’s current customer base is in London, the Midlands and the South West of England but it will also open an office in St Mellons, Cardiff. Syntech was originally established to handle the Welsh Development Agency contract to create Network Wales – a Welsh Internet service provider which has a server site in St Mellons, Cardiff and a digital network throughout Wales. Palm also owns Syntech Networks Ltd and Network Wales Ltd.

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