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PRODWARE EXECUTES QURIUS DEAL

Prodware LogoThe Prodware Group, a Dynamics reseller based in France, has carried out major elements of an announced deal to end the existence of Qurius. It has purchased Qurius Germany and Qurius United Kingdom. That leaves primarily the Netherlands operations, but anything remaining will be liquidated and proceeds distributed to shareholders. The Prodware side of the announcement said talks could lead to its purchase of the Dutch subsidiaries and what was described as its Czech partner.
The German operation has annual sales of about $32 million and those in the U.K., about $8.6 million. The sale price was about $22 million. Prodware helped in Qurius bailout efforts last year by purchasing its operations in Spain and Belgium. The process has been moving like corporate cancer surgery as operations are cut off. Prodware had good results for the first half ended June 30. Revenue was about $83.3 million for the half, a 43-percent increase from the prior year. And while the acquisitions helped, the company said organic growth in the second quarter was 12.9 percent over the prior year. Net profit of about $10.2 million was off by 21.5 percent. But the company said the year-ago profit included about $4.2 million in non-recurring income. The attempt to cover Prodware has been frustrated by what appears to have been a switch early this year from posting information to www.prodware-group.com to www.prodware.fr and the latter is a bit intimidating since the site is in French and those "translate this page" capabilities are not always top notch. Qurius had been struggling to reorganize over the last three years, but the sale was triggered by bad results in Germany which the company indicated threatened its liquidity.
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