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CHINA - - CDC Software Achieves Settlement With Sagent
Monday April 21, 8:51 am ET
HONG KONG, April 21 /PRNewswire-FirstCall/ -- CDC Software Corporation, a subsidiary and software unit of chinadotcom corporation (Nasdaq: CHINA; website: www.corp.china.com) today announced that, it has closed upon a settlement agreement with Sagent Technology, Inc. (Nasdaq: SGNT - News), with respect to the occurrence of certain events of default under Sagent's US$7 million asset-based senior secured loan to CDC Software. CDC Software has been repaid in full together with an agreed upon sum related to the termination of its warrants and other rights. As a result of this settlement, mutual releases have been exchanged and all litigation between CDC Software and Sagent has been discontinued.
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About CDC Software
CDC Software is the software unit of chinadotcom corporation (Nasdaq: CHINA - News), a leading integrated enterprise solutions company in Asia. CDC Software integrates a series of chinadotcom's self-developed products developed in the two software development centers in China, which include PowerBooks, PowerHRP (Human Resources and Payroll), PowerATS (Attendance Tracking System), Power-eHR, PowerPay+, PowerCRM and Power eDM (a double-byte e-mail marketing technology). In addition, the company also broadens its serving offerings in software arenas by establishing strategic partnerships with leading international software vendors to localize and resell their software products in the Greater China region.
chinadotcom's software arm currently has 600+ enterprise software customers in the Asia Pacific region with over 1,000 installations. Selected multinational and domestic customers include ACNeilsen, Carrefour, Legend Computer, Microsoft (China) Co., Ltd., Shenzhen Airlines, Swire Beverages and Shangri La Hotels and Resorts.
For more information about chinadotcom corporation and CDC Software, please visit the Web site http://www.corp.china.com.