By Alex Serpo, 16 January 2008 09:12
NEWS
German software giant SAP is to auction its subsidiary, TomorrowNow, only two years after acquiring the company.
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SAP acquired TomorrowNow in mid-January 2005 as way to compete with rival Oracle, shortly after Oracle acquired PeopleSoft. Sources have reported next Tuesday as the deadline for potential buyers to declare their interest in TomorrowNow.
In its recent preliminary fourth quarter announcement, SAP noted in its footnote about its US Gaap (generally accepted accounting principles) requirements that the company is "required to present its results of discontinued operations [TomorrowNow] separately from its results from continuing operations".
SAP is currently embroiled in a legal battle with Oracle; filing a suite in the US in March 2007 alleging the software giant hacked into Oracle's customer support centre and downloaded copies of its proprietary software code. In July 2007 SAP acknowledged in a court filing that TomorrowNow had engaged in "inappropriate downloads" of Oracle's proprietary fixes and support documents.
TomorrowNow has seen a drop-off in customers since the controversy erupted.
TomorrowNow provides third-party maintenance and support to JD Edwards, PeopleSoft and Siebel customers - all companies Oracle has acquired over the years.
TomorrowNow was founded in 1998 by former PeopleSoft software expert Andrew Nelson. Since its conception it has signed up some big clients - including Circuit City, Coors Brewing, Lockheed Martin, Petco and Safeway.
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