MathSoft relocates headquarters here
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Cambridge, Mass.-based MathSoft, a publicly traded technical software and services company, has sold a division and relocated its headquarters to Seattle.
A group formed from MathSoft's management team purchased the engineering- and education-products division, based in Cambridge, for $7 million and will operate it as a private company. The divested division, headed by former Senior Vice President and General Manager Chris Randles, will be known as MathSoft Engineering & Education.
MathSoft's Seattle-based data-analysis division will be a public company under the name Insightful. MathSoft had purchased the Seattle operation in 1993.
The move was approved by the company's board of directors.
Shawn Javid, who will become Insightful chief executive officer and president Feb. 1, said the company will focus on selling its software and services for predictive analysis, data mining and business intelligence, which netted $15.2 million in sales last year.
Insightful sells software that allows companies to predict the future based on historical trends and patterns.
For instance, Wall Street investment firms such as Bear Stearns and American Express use the software to make trading decisions based on economic data.
MathSoft posted a fourth-quarter profit of $192,000, or 2 cents a share, compared with a net loss of $29,000, or break-even per share, in the year-ago period.
Sales were $3.8 million, up 15 percent, from $3.3 million.
The company ended yesterday up 9 cents, closing at $2.75. It will begin trading shares under the ticket symbol IFUL today.