Business News

Hale Capital Partners and Autodesk Announce Completion of Location Services Business Spin-Out

Tuesday 10. March 2009 - New Business to be Called LocationLogic

Hale Capital Partners and Autodesk (NASDAQ:ADSK) announced completion of the transaction to transfer Autodesk’s Location Services business unit to LocationLogic, a new entity owned and operated by Hale Capital Partners, with Autodesk and other minority investors. Further terms of the transaction were not disclosed.

Martin Hale, CEO of Hale Capital Partners, commented, “We’re excited to have the opportunity to leverage the history of this group, serve our wireless carrier customers with innovative products, and bring resources to support our talented team in building, deploying and supporting leading LBS applications in the marketplace.”

Asked about Autodesk’s divestiture, Carl Bass, CEO of Autodesk, stated, “We believe this move will help position the Location Services business for greater success in the wireless industry, while allowing Autodesk to focus its energies on its main line of business, which is creating software for the world’s design professionals.”