Sysdeco Media Becomes Atex
Norwegian-based Sysdeco Group AS announced in December that it will spin off its media division into a separate company, Atex Media Solutions Inc. The new company will include media acquisitions of the past three years: Atex Publishing Systems, Dewar Information Systems, SyPress Oy and Comtec.
When the new company is operational, it expects to have more than $25 million in cash reserves: $20 million from a new-share issue and $5 million from the current media division of Sysdeco. A consortium of financial and institutional investors was put in place on Dec. 20 to ensure completion of the new-share issue.
One of the first orders of business will be accelerating the integration of all functional resources, including marketing, research and development, engineering, sales, support, finance and administration, and human resources.
"The technological expertise of SyPress Oy, Comtec and Dewar Publishing Systems are critical to the success of Atex Media Solutions," said CEO Larry Mihalchik. "Over 700 newspaper customers worldwide played a large part in naming the new company. Whatever name we selected, to our customers, we remain Atex."