Robert Banner, Phil Lowe and Bernard Grinberg have started Media Command Inc. and acquired the entire worldwide operations of Geac Publishing Systems, which includes operations in Tampa, Fla., Nottingham, England, and Melbourne, Australia. Geac said that the "cash consideration" for the operations was $C1.5 million ($US974,000) and that the transaction includes real estate assests. With debts and obligations, analysts suggested that the transaction was really worth between $US25-$US30 million.

The publishing systems division, Geac said, accounted for less than three percent of the company's overall enterprise applications business during fiscal year 2001.

Media Command Inc., which is a U.S. company registered in Delaware, said that it would name Banner chairman and chief financial officer; Lowe chief executive officer and chief operating officer for North America and Europe, and Grinberg president and chief operating officer for Asia-Pacific. Media Command said that all existing employees are being invited to become shareholders in the business.

The new company said that it would "build on the successful global market presence" coming from its various business, which were accumulated by Geac and include the former Collier-Jackson (newspaper business software), the former Cybergraphic (editorial and advertising software), the former Matrix (circulation software) and the former Gazette Technologies (newspaper data warehousing software). Lowe, the new chief executive, is the former managing director of Matrix, while Grinberg, the new president, is the former managing director of Cybergraphic.

Geac, based in Toronto, is troubled. It lost $C256 million ($US166.3 million) last fiscal year, has cut 26 percent of its worldwide workforce -- 1350 people -- and recently restructured $C20 million ($US12.9 million) in bank debt.