RealTime IT News

SoftQuad Selling Web Tools Unit

SoftQuad International Inc. said Tuesday it was selling SoftQuad Inc., its Web publishing tools unit, to a group of current employees and a private investor for just over $900,000.

In addition to the publishing tools group, known for such products as the HoTMetaL Pro Web editor, the group will also take control of SoftQuad U.K., the company's European distribution subsidiary.

The new owners have agreed to assume all of the unit's debt and to issue SoftQuad International a 19 percent stake.

Richard Rabins, SoftQuad International's chief executive officer, said the sale will allow the company to refocus its software business.

"This represents the final part in the implemention of our previously announced strategy of divesting SoftQuad Inc. so that we can focus on our children's video game business," he said.