The founder sold his company for $260 million, and be sued the acquirers

recently, computer science and technology company (hereinafter referred to as CSC) stand in big trouble. 56 years of glorious history of the computer industry veteran enterprises how to also won’t think of such a dilemma in this critical time to transition.

because of alleged a fraud related to the bribery scandal in Australia, one of the star executives of CSC, the chief executive of former ServiceMesh prill, Eric was sued by the company. CSC last week sued charges, prill bribed to commonwealth bank of Australia’s two senior executives. The bank and prill company ServiceMesh has signed a lot of big orders.

for the charges, the parties concerned, prill denial.

this is a known message:

the CSC in 2013 for $260 million acquisition of the ServiceMesh as ServiceMesh co-founder, prill, after being acquired in the company at the same time into the CSC guidance cloud computing project. In CSC preparation for bribery event fired him on the eve of the prill, offered the departure.

previously, CSC has been paid to ServiceMesh shareholders over $98 million in cash, one as the largest shareholders, prill person won 47 million, and another $26 million worth of restricted stock.

however, prill, still not satisfied with this. Through the commonwealth bank of Australia and ServiceMesh order contract, prill, again from the CSC 25 million stock bonus.

today, CSC are struggling to make up for prill, cause huge losses.

CSC said : was stay prill, not thin

the CSC stated that in order to acquire ServiceMesh, it paid at least $260 million, including $93.1 million in cash.

CSC also agreed to pay a higher price than the original cash amount to ServiceMesh, on condition that the latter to a few months after the deal with more than 20 million profit. Finally, with an extra $1 of benefits paid more than $10 agreement, CSC to ServiceMesh paid a total of $33.5 million. Stated the lawsuit.

according to the lawsuit, during that time to CSC ServiceMesh 12 million of additional income from the contract with the commonwealth bank of Australia. Use the share, the original 20 million earnings benchmark at least more than 9.7 million. So the CSC to ServiceMesh shareholders pay again another more than $9800. “At least 25.3 million stream into the prill, personal pocket!”

after this than revenues, prill, and has set up a company named Ace to indirectly by the company, prill to commonwealth bank of Australia, the two technology executives paid more than $200. But in the end, the two executives arrested by the Australian government on suspicion of commercial bribery. They argue that their innocence.

although we temporarily unable to get in direct contact with prill, but we’ve learned through CSC’s lawsuit, prill, lawyer charges the bank statement of the prill, contrary to the facts.

the CSC said they are cooperate with all departments of investigation, but the prill, refused to cooperate with their internal investigation.

it is clear that although has been arrested, charged, and also has enough charges, but so far no one has been convicted of crimes. Prill, only by the civil procedure, with no charges were arrested.

at this point, prill mysterious missing

at this moment, however, prill, played the mysterious disappearance. His Twitter account cancellation. A lawsuit brought by CSC, and no prill, address and his legal representatives. (we are trying to contact a few who knew the prill, including ServiceMesh colleague, as of the time haven’t heard the news.)

before the scandal, prill, has always been thought highly regarded in his field software executives, he set up several companies, including Akana (now renamed as SOA software). After the incident, Akana will prill, from the leadership. In addition, prill, is also home to many companies, co-founder of; He was Al Gore’s advisers, the Clinton global initiative contributors; Is a series of technical members of the board of directors of the company.

embarrassment situation

at the moment, CSC’s situation is very difficult, especially for CSC’s chief executive Michael crowe will, mixed in the heart is. With traditional IT companies such as IBM and Oracle, Lowell had been hoping to CSC successfully transition to cloud computing, prill, and his ServiceMesh is the key of the plan.

with the rise of cloud computing, traditional data company status decline again and again. Day CSC is not exceptional also, in recent years have been bad, income is decreasing.

the prill, the gloom. Under pressure, Lowell and his team announced this week, with the mode of HP in those days, the CSC will be split into two publicly traded companies. In scandal recently, prill, standing on the podium represents a new CSC imagining the future.

you never know, who had thought the success of the acquisition had so ending to the end. This anguish, and only the CSC’s chief executive Michael crowe will a personal experience.

Source:

to learn more knowledge, entrepreneurial innovation quickly add hunting cloud network micro letter public account: