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Technology / AI and automation

WALKER BUYS REVERE AND MOVES CLOSER TO EXPANSION AIM

Walker Interactive Systems Inc is to spend $8.5m acquiring computerized maintenance management systems provider Revere Inc. The purchase will propel Walker, which provides financial business applications for the mainframe and client-server, into offering operational level systems for industries such as utilities, oil, gas, transportation, pulp and paper. Revere, based in Birmingham, Alabama was established in 1981 and last year reported annual sales of $10m. It is likely that it will adopt the Walker name. The products from both Revere and Walker have all been developed using Compuware Corp’s Uniface development tools, therefore according to Walker, the acquisition looks to be a perfect match. Walker reported losses of $116,000 from losses of $9.4m for the year to December 31, 1996, on revenue up 7.3% to 62.8m (CI No 3,096). It hopes to generate annual revenues of $200m over the next five years. The company anticipates the acquisition, which will be completed before the end of the year, will be accounted for as a $4m to $5m charge in the fourth quarter. Walker will exchange $8.5m of its stock in return for all revere stock, and will pay an additional $2m if the Revere business fulfills certain performance objectives between the time the deal is closed and the end of next year.

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CBR Staff Writer

CBR Online legacy content.