Just days following the resignation of its founder and chief
executive and the folding of its corporate portal product line, Wall Data
today said it is selling its equity investment in DataChannel, a
Seattle-based software technology company.
In connection with the sale of its 10 percent equity investment, Wall Data will receive $4.6 million in
cash and recognize a $2.9 million nonoperating gain in the company's second
fiscal quarter ending October 31, 1999. Wall Data will continue to be a
licensee of DataChannel's technology.
reported, amid sluggish revenues and the lack of support for his
interest in the corporate portal market, John Wall, chief executive and founder of
the company that bore his name, has resigned.
The Wall Data executive has left the company to pursue other interests,
according to a statement issued this week.
The company's board of directors named Kevin Vitale, president of the Rumba
business and formerly chief operating officer of Wall Data, as the new
president of Wall Data.
Vitale said in a statement that today's move is further indication of the company backing
away from the corporate portal market.
"The sale of this investment yields a
significant cash return on our investment and is consistent with our
not to pursue the corporate information portal market. We consider
a strong strategic partner as we continue to focus on PC and Web-to-host