Corporate Software and Technology (CS&T) has finally managed to push aside its unsuccessful relationship with RR Donnelley and has become an independently owned company.
Since July 1996, CS&T has been dogged by speculation that its parent company, RR Donnelley, was unhappy with the performance of its reseller arm and was keen to break up and off-load the unprofitable parts of Stream.
Industry speculation suggested that the acquisition by US publishing firm RR Donnelley in May 1995 was not successful.
In April 1997, RR Donnelley conceded that it wanted to get out of its ownership of CS&T's parent, Stream International Holdings (SIH), and began plans to sell off its majority share holding.
Don Fernandez, UK sales and marketing director at CS&T, said: 'Independence was absolutely our choice. It's something we have been working towards for a long time and it now allows us to focus on our core business of supplying software and services to corporate customers.'
He added: 'We have not and do not plan to change that focus other than in a commitment to move more strongly into medium-sector markets - companies using between 200 and 750 PCs.'
CS&T's operating responsibility will be shared between venture capitalist firm Bain Capital, which was a minority shareholder of SIH, and RR Donnelley, which will remain the largest individual shareholder while other minority investors will also take up shares.
May 1995 Corporate Software merges with RR Donnelley.
March 1996 European VP Richard North and general manager Paul Cook leave Stream.
July 1996 Stream axes 1,400 US staff and RR Donnelley opens discussions with buyers.
Dec 1996 RR Donnelley announces plans to sell off Stream, following a report stating that Stream has lost as much as $75 million in two years.
Jan 1997 Instability at Stream increases, fuelling speculation that RR Donnelley and Stream will split.
Mar 1997 Stream changes name to CS&T as the organisation breaks into three autonomous units.
April 1997 RR Donnelley files an offering to sell off Stream's technical support unit and reduce stake in CS&T. Bain Capital, management and other minority investors will take up the shares.
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