Friday, May 30, 2008

Peerless Systems Aborts Prism Software Buy

El Segundo-based Peerless Systems Corporation said Friday that it has terminated its asset purchase agreement with Prism Software Corporation. According to Peerless, it said that some of the conditions to close the transaction with Prism were not satisfied, and it determined it was in the company's best interest to pursue other opportunities. Peerless had announced that it would buy Prism Software, a developer of document management software, in February. That move followed the sale of what the firm termed as "substantially all of its intellectual property" to Kyocera Mita Corporation.