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AIT Group plc Now Re-Named Portrait Software plc, Makes Board Changes
NAME CHANGES
BOARD CHANGES
APPOINTMENT OF JOHN O’CONNELL AS CHAIRMAN
RESULT OF EXTRAORDINARY GENERAL MEETING
AIT Group plc (“the Company”), which has been re-named Portrait Software plc, is pleased to announce the appointment of John O’Connell as Non-Executive Chairman of the Company, with immediate effect.
John O’Connell was founder, Chairman and Chief Executive of Staffware plc. Staffware’s first product was released in 1983 and it floated on AIM in 1996, moving to the Full List of the London Stock Exchange in 2000. Between 1994, when the original business was re-named Staffware, and 2004, when it was sold, Staffware’s revenues grew at an average annual rate of 38% and by 2004 it employed almost 400 people in 22 countries, with the majority of its business derived from outside the UK.
Staffware was acknowledged as the leading independent Workflow and Business Process Management software company worldwide and was also one of Europe’s top software companies. In June 2004, Staffware was sold to Tibco Software, Inc. for US$230 million, having had revenues in the order of $80 million for the year ended 31st December 2003, with a track record of being consistently profitable and with approximately $45 million of cash and no debt.
The Company also announces the appointment to the Board of Robin Martin as Chief Operating Officer, reporting directly to Chief Executive Nick Randall. Robin worked for Staffware plc from 1994 until its sale to Tibco and was Chief Operating Officer from 2001, reporting directly to John O’Connell. During his time at Staffware, Robin was responsible for building the company’s worldwide Sales and Partner network.
The appointments of John O’Connell and Robin Martin are thus especially significant for the Company. Their experience of the highly complementary Business Process Management market, the knowledge gained from the successful development of Staffware and its partner-based sales strategy and their network of contacts throughout the software industry will be of enormous benefit.
John O’Connell, aged 59, is also Non-Executive Chairman of Clarity Commerce Solutions plc and is a director of Columba Systems Limited and London Wasps Holdings Limited. He was a director of Staffware plc, as well as various operating subsidiaries of Staffware plc. Robin Martin, aged 40, was a director of Staffware plc, as well as various operating subsidiaries of Staffware plc. He currently holds no other directorships. Both John O’Connell and Robin Martin have confirmed that there is no other information required to be disclosed pursuant to the AIM Rules.
The Company also announces that the current Chairman, Richard Hicks, is to step down from the Board with immediate effect. Richard founded the Company 19 years ago and has personally instilled our core values in terms of technical excellence, creative vision and culture. The Board would like to thank Richard for his huge contribution and leadership over many years.
The Company also announces that at today’s Extraordinary General Meeting, the special resolution to approve the change of the Company’s name was passed.
Accordingly, the Company will now be known as Portrait Software plc and its website will be www.portraitsoftware.com.
Nick Randall, Chief Executive, commented:
“I am delighted that our team has been bolstered by the additions of John and Robin. Their extensive industry contacts and deep knowledge of a highly complementary area of our addressable market will be of great benefit as we focus our efforts on broadening the use of our PORTRAIT technology.”
John O’Connell added:
“Nick Randall and his colleagues have successfully stabilised Portrait Software’s structure and business model, whilst enhancing its product and service offerings. I believe Portrait Software is poised for a new and successful phase in its corporate development, which I am personally very committed to help it achieve. ”
ENQUIRIES:
Portrait Software plc
Tel. 01491 416600
Nick Randall, Chief Executive Officer
Matthew White, Chief Financial Officer
ICIS Limited
Tel. 020 7651 8688
Archie Berens / Caroline Evans-Jones
BOARD CHANGES
APPOINTMENT OF JOHN O’CONNELL AS CHAIRMAN
RESULT OF EXTRAORDINARY GENERAL MEETING
AIT Group plc (“the Company”), which has been re-named Portrait Software plc, is pleased to announce the appointment of John O’Connell as Non-Executive Chairman of the Company, with immediate effect.
John O’Connell was founder, Chairman and Chief Executive of Staffware plc. Staffware’s first product was released in 1983 and it floated on AIM in 1996, moving to the Full List of the London Stock Exchange in 2000. Between 1994, when the original business was re-named Staffware, and 2004, when it was sold, Staffware’s revenues grew at an average annual rate of 38% and by 2004 it employed almost 400 people in 22 countries, with the majority of its business derived from outside the UK.
Staffware was acknowledged as the leading independent Workflow and Business Process Management software company worldwide and was also one of Europe’s top software companies. In June 2004, Staffware was sold to Tibco Software, Inc. for US$230 million, having had revenues in the order of $80 million for the year ended 31st December 2003, with a track record of being consistently profitable and with approximately $45 million of cash and no debt.
The Company also announces the appointment to the Board of Robin Martin as Chief Operating Officer, reporting directly to Chief Executive Nick Randall. Robin worked for Staffware plc from 1994 until its sale to Tibco and was Chief Operating Officer from 2001, reporting directly to John O’Connell. During his time at Staffware, Robin was responsible for building the company’s worldwide Sales and Partner network.
The appointments of John O’Connell and Robin Martin are thus especially significant for the Company. Their experience of the highly complementary Business Process Management market, the knowledge gained from the successful development of Staffware and its partner-based sales strategy and their network of contacts throughout the software industry will be of enormous benefit.
John O’Connell, aged 59, is also Non-Executive Chairman of Clarity Commerce Solutions plc and is a director of Columba Systems Limited and London Wasps Holdings Limited. He was a director of Staffware plc, as well as various operating subsidiaries of Staffware plc. Robin Martin, aged 40, was a director of Staffware plc, as well as various operating subsidiaries of Staffware plc. He currently holds no other directorships. Both John O’Connell and Robin Martin have confirmed that there is no other information required to be disclosed pursuant to the AIM Rules.
The Company also announces that the current Chairman, Richard Hicks, is to step down from the Board with immediate effect. Richard founded the Company 19 years ago and has personally instilled our core values in terms of technical excellence, creative vision and culture. The Board would like to thank Richard for his huge contribution and leadership over many years.
The Company also announces that at today’s Extraordinary General Meeting, the special resolution to approve the change of the Company’s name was passed.
Accordingly, the Company will now be known as Portrait Software plc and its website will be www.portraitsoftware.com.
Nick Randall, Chief Executive, commented:
“I am delighted that our team has been bolstered by the additions of John and Robin. Their extensive industry contacts and deep knowledge of a highly complementary area of our addressable market will be of great benefit as we focus our efforts on broadening the use of our PORTRAIT technology.”
John O’Connell added:
“Nick Randall and his colleagues have successfully stabilised Portrait Software’s structure and business model, whilst enhancing its product and service offerings. I believe Portrait Software is poised for a new and successful phase in its corporate development, which I am personally very committed to help it achieve. ”
ENQUIRIES:
Portrait Software plc
Tel. 01491 416600
Nick Randall, Chief Executive Officer
Matthew White, Chief Financial Officer
ICIS Limited
Tel. 020 7651 8688
Archie Berens / Caroline Evans-Jones
