Corporate Software Restructures

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Corporate Software has gone back to its knitting.

Howard Diamond is back as CEO and chairman of the company, which made its name selling and supporting licensed software to large companies. Diamond left two years ago to take the helm of Rebar, which owns Corporate Software along with a few other operating subsidiaries.

Scott Armor, hired at that time as Corporate Software's president of North America, left last fall. Marc Chatel, who had been CEO, remains on the board. Diamond is now back in charge of day-to-day operations.

"It's back to basics," Diamond said. "I was pretty unhappy with the results in the first half and stepped back in as CEO. After spending a few months looking at what we were doing and how we were doing it, it was clear we'd gotten too bureaucratic [with too many senior executives who always wanted to cut at the lower levels."

A handful of other executives were cut, he said.

Diamond, who had relocated to Boulder, Colo. where Rebar is based, brought in Armor at about the same time. Rebar itself was formally unveiled, along with a $32.5 million investment in October 2000 from Softbank Venture Capital, now known as Mobius Venture Capital.

Corporate Software was a pioneer in software licensing and asset management. Founded in 1982 as a private company, it went public in 1987, and two years later was taken private again. In 1995, it merged with the Global Software Services unit of R.R. Donnelley to form Stream International. A few years later, management bought the company back and reconstituted Corporate Software.

Rebar launched a start-up development arm called Rebar Foundry, and Shaman, a company focused on asset management, but "Corporate Software was always the crown jewels," Diamond said.

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