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June 9, 1997updated 05 Sep 2016 12:45pm

PEROT SYSTEMS PICKS UP THE PIECES OF MANZI’S NETS INC

By CBR Staff Writer

Ex Lotus Development Corp chief Jim Manzi’s Nets Inc has won something of a reprise from the unlikely source of Ross Perot’s Perot Systems Inc, which has agreed to acquire all the assets of the bankrupt internet commerce firm for $9m. Nets Inc, of Cambridge, Massachusetts, filed for bankruptcy earlier last month (CI No 3,159), when Manzi said he was no longer prepared to keep the company afloat with his own personal fortune. Around 60 of the company’s 200 employees will be hired by Perot, which is currently marketing internet technology to its customer base. The Nets team is expected to continue working on the internet commerce software under development at their old company, and will remain in Cambridge.

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