Marlborough Tech Firm Goes Private Again
Shareholders approved Friday an agreement to take Marlborough Software Development Holdings (MSDH) private just 21 months after the Bitstream Inc. spinoff began trading stock.
The web-to-print and mobile web browser business was merged with a company created specifically for that purpose and has changed its name to Pageflex Inc, according to MSDH.
MSDH shareholders received 9.1 cents per share of stock, the company said. MSDH Director Amos Kaminski, CEO Pinhas Romik and vice president for sales Elly Perets held nearly 60 percent of the shares.
“Pageflex’s broad customer base, its technology, and its dedicated staff are great assets that have attracted new investors,” said Roni Einav, Pageflex’s board chairman.
The merger was first announced in August, with the company stating at the time that MSDH executives would keep their positions.
MSDH ran into trouble soon after being spun off by Bitstream in March 2012. The company reported a $3.2 million loss on revenue of just $1.8 million in spring 2012, and laid off 28 of its roughly 120 workers in August 2012.
Pageflex had been the brand name for the software made by MSDH.
WBJ Web Partners
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