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Technology / AI and automation

PROGRESS TAKES A $11.5M CHARGE AS IT ABSORBS APPTIVITY

Application development tools operation, Progress Software Corp is attributing its year end loss to the charge incurred relating to its purchase of Apptivity Corp (CI No 3,194). Bedford, Massachusetts-based Progress reported a loss of $1.6m for the twelve months to November 30, but argues that its results have been damaged by a non recurring charge of $11.5m relating to the buy of Apptivity for its Java database tools. The company also suffered in the fourth quarter as a result of the strength of the dollar in 1997, but says its now in a good position for the following year. The year ahead will see the initiating of a strategy for developing and deploying new applications, providing it with an opening to migrate existing applications to standards- based architectures, it says.

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CBR Staff Writer

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