DES PLAINES, ILLINOIS, USA February 19, 1999: Endeavor Information Systems Incorporated announced today that it has completed an agreement to redeem its initial capitalization investment from MARCorp and its parent company Technology Funding Inc. of San Mateo, California.
Under the terms of the agreement, MARCorp relinquished all claims to an ownership position in the company and the Endeavor software. The agreement, ratified earlier this week by the shareholders, makes Endeavor's employees the sole owners of the corporation. The common stock of the company will continue to be held solely by its employees.
"This buyout has always been a big part of our business plan," Jane Burke, President, CEO and newly elected Chairman of the Board of Endeavor, enthuses. "Fortunately we've realized our ownership goal far ahead of schedule. This deal represents a validation of our success. We are extremely grateful to the customers who've supported us since our founding."
"Endeavor is comprised of talented individuals with Midwestern values who have a passion for new technology," says Burke. "These elements create a truly unique organization. As the only employee-owned company in the library automation industry, we will continue to use our ownership structure to further benefit our company and our customers."
MARCorp's investment came in 1994 at the inception of Endeavor Information Systems Incorporated. Over the past four years, Endeavor's integrated library system, Voyager, has quickly gained recognition in the automation marketplace.
Based in Des Plaines, Illinois, Endeavor Information Systems Incorporated is an employee-owned information technology company formed in September, 1994. Over 360 academic and research libraries of every size have chosen Endeavor's high performance library system. For more information, come to our website at http://www.endinfosys.com