SoftQuad Selling Web Tools Unit
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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.