Rhode Island extends contract with Network Six
WARWICK – Network Six’s contract with the state Department of Administration has been extended for the state’s InRHODES computer system. The contract extension, valued at $5.5 million, is for the fiscal year ending June 2001. The state has the option of extending the contract for up to two additional years. InRHODES is a comprehensive computer system that integrates data and functions for the Family Independence Program (formerly known as Aid to Families with Dependent Children and Pathways to Independence), Food Stamps, Child Support Enforcement, Medicaid Eligibility, Child Care and General Public Assistance programs. InRHODES is used by the Department of Human Services and the Department of Administration, Division of Taxation – Child Support Enforcement.
Pension system begins computerization of records
PROVIDENCE – General Treasurer Paul J. Tavares last week announced that 25 new computers have been delivered and are being installed at the Employees Retirement System of Rhode Island, 40 Fountain St., as the first step in a four-year project to computerize the 55,000 paper files held in the retirement office. The $16.8 million project also includes the design and implementation of a state pension system specific computer program to increase efficiency, and ensure the accuracy and safety of members’ records.
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Infinite Group, Triton form strategic alliance
WARWICK – Infinite Group, Inc., a public company, and privately held Triton Systems, Inc. announced that Laser Fare ATG, a member of Infinite’s Laser and Photonics Group and Triton Systems, Inc. have formed a strategic alliance to commercialize laser fabricated components from high performance metal matric composites. The materials will be used in aerospace and automotive applications, the companies said. Triton systems is an advanced materials and process company. Laser Fare is a high technology company with proprietary laser technology and advanced manufacturing methods providing laser services for aerospace, medical and other commercial applications. Infinite Group is involved in laser material processing, advanced manufacturing methods and laser application technology.
Harvard prepares Internet program for physicians
BOSTON – eHealthcareWorld said last week that Harvard Medical School will develop, accredit and program a track for physicians within the upcoming eHealthcareWorld Congress, scheduled for Dec. 4-6 in New York City. Harvard and eHealthcareWorld’s goal is to increase the scope and reliability of the Internet’s role in clinical research, patient care and health care communications.
CMGI’s headquarters building on block
ANDOVER, Mass. (Bloomberg) — CMGI Inc.’s Andover headquarters was put on the block by the building’s owner, who is hoping to reap a big profit before the slump in Internet shares hurts rents and property values. The property, known as Brickstone Square, contains 1.05 million square feet of space and houses other tenants such as Lucent Technologies Inc., and 3Com Corp, according to officials at Sonnenblick-Goldman Co., the company hired to sell the site. The owners of Brickstone Square, a partnership led by closely held Brickstone Realty, bought the building, an abandoned textile mill, in the late 1980s and converted it into an office building. The building could sell for more than $125 million, brokers said, more than five times what the owners paid. As suburban Boston became a hub for computer, Internet and other technology companies, demand for space soared. Rents in the area are about $30 a square foot, up from $10 a decade ago.
Still, the Nasdaq Composite Index is down 5.6 percent this year and many start-up Internet companies, which have fueled much of the real estate boom across the country, are finding it tough to raise additional money. Shares of CMGI, whose investments include Internet search service AltaVista, are down 74 percent this year. Now, many investors who bought properties in the mid-1990s are sensing things can’t get much better and are starting to sell their holdings to large institutional investors, such as pension funds. Already, brokers report the slump in Internet shares has taken some of frenzy out of the market for space as firms put a hold on expansion plans. In the second quarter, investment in U.S. commercial properties rose 25 percent to $18 billion from the prior three months, according to property brokerage firm Grubb & Ellis Co.
Allaire says it will miss third quarter estimates
NEWTON, Mass. (Bloomberg) — Allaire Corp. shares fell as much as 35 percent last week after the maker of software that lets companies tailor Web-site content said it will have a third- quarter loss because of lower sales and delayed contract closings. The company expects its third-quarter loss to widen to about 5 cents to 20 cents a share from 1 cent a year earlier, it said in a press release posted on its Web site. The company had net income of 6 cents a share in the second quarter. Allaire said it expects third-quarter sales of $28 million to $32 million, as much as 16 percent less than the second quarter’s $33.3 million. Allaire had sales of $15.1 million in the third quarter of 1999, it said. The company blamed the shortfall on lower sales and its failure to close sales agreements in the quarter. The closings are expected in future quarters, Allaire said without elaborating.
