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Hale Capital Partners and Autodesk Announce Completion of Location Services Business Spin-Out

Posted on: Monday, 9 March 2009, 08:25 CDT

New Business to be Called LocationLogic

NEW YORK, March 9 /PRNewswire/ -- Hale Capital Partners and Autodesk (Nasdaq: ADSK) announced completion of the transaction to transfer Autodesk's Location Services business unit to LocationLogic, a new entity owned and operated by Hale Capital Partners, with Autodesk and other minority investors. Further terms of the transaction were not disclosed.

Martin Hale, CEO of Hale Capital Partners, commented, "We're excited to have the opportunity to leverage the history of this group, serve our wireless carrier customers with innovative products, and bring resources to support our talented team in building, deploying and supporting leading LBS applications in the marketplace."

Asked about Autodesk's divestiture, Carl Bass, CEO of Autodesk, stated, "We believe this move will help position the Location Services business for greater success in the wireless industry, while allowing Autodesk to focus its energies on its main line of business, which is creating software for the world's design professionals."

About Hale Capital Partners

Based in New York City, Hale Capital Partners has established itself as a leading private equity firm focused on strategic minority and control investments in public companies and their subsidiaries. Hale Capital Partners' team is comprised of seasoned private equity veterans and entrepreneurs, who bring not only deep domain expertise, but also hands-on operating experience to help build highly successful companies.

About LocationLogic

LocationLogic, formerly Autodesk's Location Services Business, is a leading provider of infrastructure, applications, content provisioning, and integration services for deploying and maintaining innovative location-based services (LBS). The Company's business and consumer applications and platform software provide location-enabling services and tools to deploy reliable, high-performance applications that deliver personalized, location relevant information for wireless users. LocationLogic has operations in San Rafael, CA; Kansas City, Kansas; Calgary, Alberta; and Bangalore, India.

SOURCE Hale Capital Partners

Source: PR Newswire

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