Thorn EMI’s Software Sciences has, as reported briefly (CI No 1,314) let its computer aided software engineering division go in a management buy-out: the new company calls itself Ipsys Software Plc. Software Sciences says that the the management buy-out will enable the parent company to concentrate on its systems integration business, while Ipsys will focus on the development of tool sets, with initial emphasis on Hierarchical Object Oriented Design for real-time development, originally developed by Software Sciences for the European Space Agency. Ipsys says that it will develop and provide tools for Unix and VMS environments, but the Portable Common Tools Environment is the one it foresees as the most likely standard for the integration of computer aided engineering tools. The new company, which has a staff of 35, was funded by the Glasgow investment group, Murray Johnstone Ltd. Thorn EMI has retained a 15% stake, and Ventures North West has invested UKP500,000 on behalf of the Greater Manchester County Superannuation Fund. The new venture is the brainchild of managing director John Adams, who spent four years with Software Sciences’ software technology group. Ipsys says that it expects to report a profit in its first year of operation, and it believes that 60% of sales revenue will come from abroad, particularly continental Europe. It is currently negotiating with distributors in the Far East, the US, and Europe, and has signed one European distributor, with another two agreements expected before Christmas.
