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Technology Update
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Business New Haven
11/30/1998
By: BNH
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Flexi Enters E-commerce Market
SHELTON - To capitalize on the expected high growth of Internet commerce, FlexiInternational Software has announced the creation of a new division that will focus on integrating the company's financial and accounting software products with e-commerce applications such as purchasing and order-processing. Named Flexi-com, the new division will be headed by Fred Holahan, the former CEO of LexiBridge Corp. of Shelton, which was acquired by PKS Systems Integration in March. Ranked first among the 50 fastest-growing technology companies in Connecticut in 1998, FlexiInternational acquired the Dodge Group, a London-based company specializing in financial datawarehouse solutions, in June.
Neurogen/Pfizer
Partnership Extended
BRANFORD - Extending what has become one of the longest collaborations in the biotech industry, Neurogen Corp. announced that it will continue for another two years its joint research program with Pfizer to develop GABA neurotransmitter receptor-based drugs for the treatment of anxiety, sleep disorders and cognition-enhancement. Under the extension agreement, the scope of the project will be broadened to include treatments for depression and will provide Neurogen with $6.24 million per year in added research funding. Among Neurogen's growing list of new drug programs, six now include partnerships with major pharmaceutical companies.
PCS Makes Inc. 500
SHELTON - Founded in 1989 with an initial capital investment of only $4,000, Precision Computer Services Inc. was recently recognized by Inc.magazine as one of the fastest growing private companies in America. A computer reseller and provider of technical consulting services, PCS ranked 374th on the Inc. 500 list, with annual sales growth of 796 percent from 1993 to 1997 and revenues in excess of $22 million last year. A total of six Connecticut firms were listed among the Inc. honorees, including two other technology companies: Daticon Systems of Gales Ferry and Triple Point Technology of Westport.
TransAct Announces
Buyback Plan
WALLINGFORD - The board of directors of TransAct Technologies recently authorized the repurchase of an additional 250,000 shares of common stock, bringing the total authorized to 1.5 million shares since the program began last December. Executive Vice President Richard Cote said the board believes the company's common stock is undervalued, and that the buyback plan will help to build long-term shareholder value. TransAct, which develops and markets transaction-based printers, has experienced a significant downturn in sales this year, with decreased shipments to the gaming, kiosk and financial-services markets. Net sales fell 14 percent in the first nine months of the year to $39.38 million, while gross profits declined 24 percent to $10.96 million.
Magazine Honors IMA Software
SHELTON - Adding to its long list of product recognition awards, IMA received “Editor's Choice” honors this month from CTI Magazine, a leading industry publication on call-center technologies, for its AdvantEDGE 4.0 sales support and customer interaction software. It is the eighth award that IMA has received in 1998 for its call-center products. Earlier this year, IMA's AdvantEDGE application suite was named “Best of Show” at the Computer Telephony '98 conference, and its CyberEDGE software received an “Editor's Choice” award from Communications News magazine. IMA also received a Connecticut Technology Council Fast 50 award as one of the fastest-growing technology companies in the state.
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