FOR IMMEDIATE RELEASE
Contact: Russell Noftsker, President
SYMBOLICS, INC. ASSETS BOUGHT
FOUNDER HEADS NEW COMPANY
Boston, Mass., July 28, 1995
The purchase of assets and name of Symbolics, Inc., a computer company that pioneered workstations and object-oriented software development systems, was announced today by a private group backed by a national financial institution. Terms of the purchase, which was concluded yesterday, were not disclosed.
The president and chief executive officer of the new company is Russell Noftsker, 53, who had formed the original company in 1980. Prior to starting Symbolics, Inc., Noftsker had been involved in co-founding the MIT Artificial Intelligence Laboratory where most of the technical co-founders of the original Symbolics, Inc. had worked. Noftsker said his motivation for returning to Symbolics is his belief that its customers and the market for its products are best served by management that understands the benefits of Symbolics’ technology.
Included in the acquired assets are the industry’s premier object-oriented programming system. This software fueled Symbolics’ early success and remains the benchmark of software development systems today.
A headquarters and R & D office will be opened in the Boston area. Symbolics’ customer service and manufacturing facilities will remain in Chatsworth, Calif. Most of the current personnel will be offered employment with the new company.
“The market should know that Symbolics, Inc. technology will continue to move forward,” Noftsker said. The company’s initial focus will be to provide support and enhancement for current customer applications and for Genera, Symbolics’ software development system. This will include doubling the performance of Open Genera, which runs on DEC Alpha workstations.
Symbolics’ products are used by credit card companies, airlines, telecommunications providers, and defense and government agencies to perform complex decision support tasks.