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Opus360 merges with software maker

Opus360, a maker of software targeting the professional-services market, signed an agreement to merge with software provider Artemis Management Systems. Artemis is a subsidiary of Proha, which provides resource-management applications. Terms of the deal were not disclosed. Under the agreement, New York-based Opus360 will be renamed Artemis International. In conjunction with the deal, the two companies have entered into a distribution agreement to sell their lines of products and services effective immediately. Artemis CEO Steve Yager will serve as the CEO of the combined company. Meanwhile, Ari Horowitz, the CEO of Opus360, intends to serve in an executive role focused on corporate development and also will continue to serve on the board of the combined company. The transaction, which is slated to close in the second half of 2001, is subject to customary closing conditions.

Opus360, a maker of software targeting the professional-services market, signed an agreement to merge with software provider Artemis Management Systems. Artemis is a subsidiary of Proha, which provides resource-management applications. Terms of the deal were not disclosed.

Under the agreement, New York-based Opus360 will be renamed Artemis International. In conjunction with the deal, the two companies have entered into a distribution agreement to sell their lines of products and services effective immediately. Artemis CEO Steve Yager will serve as the CEO of the combined company. Meanwhile, Ari Horowitz, the CEO of Opus360, intends to serve in an executive role focused on corporate development and also will continue to serve on the board of the combined company. The transaction, which is slated to close in the second half of 2001, is subject to customary closing conditions.