Hummingbird Sells Subsidiaries

In separate transactions, Hummingbird Communications agreed to sell subsidiaries CMS/Data and Datenrevision. The company expects to finalize both transactions in approximately 30 days. Australian-based Solution 6 Holdings Ltd. is purchasing CMS/Data, the time-based billing software subsidiary of PC DOCS Group, for approximately $30 million. Based in Tallahassee, Florida, and employing about 250 people worldwide, CMS/Data develops, sells, and supports CMS OPEN, a client/server financial information management and time-based billing solution for professional service firms. Germany-based gedas GmbH agreed to purchase Datenrevision for approximately $12.4 million. With about 70 employees in Hamburg and D_sseldorf, Germany, Datenrevision specializes in software consulting and data warehousing projects. These transactions are part of Hummingbird's strategy to focus on developing Web-based solutions that integrate enterprise and e-business information for faster, better business decision-making capabilities. "As we continue to focus our overall strategic vision, we are moving to clarify our organization structure and business plans within each of Hummingbird's new business units," says Fred Sorkin, Hummingbird chairman and CEO. "We are delivering on our commitment to streamline our business rapidly and reduce the debt we assumed in the acquisition of PC DOCS Group."

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