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The software maker is being sued by BackWeb Technologies, which says Microsoft's automatic updating mechanism infringes on its technology.
Nir Barkat, who made a fortune as an investor in the high technology field, is said to enjoy a commanding lead, according to Israeli exit polls.
Think the tech set is getting carried away? Our writer found a BroadVision lint brush, a RedHerring smart card, a BackWeb first-aid kit and some dot-com boom perspective while cleaning the garage.
IBM has licensed BackWeb Technologies' commercial "push" software for use in its WebSphere middleware application, a layer of software that supports commercial Web applications. Through the push technology, designed to send information directly to people's desktops over the Internet, BackWeb will deliver personalized information from Web applications to WebSphere users via their desktop PCs, personal digital assistants, fax machines or cell phones. BackWeb climbed in trading on the Nasdaq Stock Market on news of the IBM deal, but its shares are still at roughly a tenth of its 52-week high of $27.37.
The slowdown in information technology spending claims another victim, as the push software provider says it will miss fourth-quarter estimates.
BackWeb has beat Wall Street estimates with a loss of $500,000, or a penny per share, excluding unusual charges, for the quarter that ended Sept. 30. Analysts had expected a loss of 2 cents per share, according to First Call/Thomson Financial. BackWeb, which sells remote management software for corporate applications, said revenues of $11.7 million had increased 89 percent over last year's third quarter.
The company says it expects to report a third-quarter loss of approximately 1 cent to 2 cents per share before charges.
With investors treating many tech stocks like financial lepers, who would blame a CEO for wanting to hide out by taking a company private?
BackWeb has reported a net loss for the second quarter of $1.1 million, or 3 cents per share, excluding unusual charges. The Internet software maker lost $2.4 million, or 9 cents per share, in the second quarter of 1999. Analysts had expected it to repeat the loss of 9 cents per share this year, according to First Call/Thomson Financial. Revenues were up 109 percent to $10.6 million, compared with $5.1 million in last year's second quarter.