Vero Software Plc

Vero Software is a CADCAM software company headquartered in Cheltenham, Gloucestershire, England.

Vero was founded in Northern Italy in October 1988 by Don Babbs and Ezio Galardo when they left Olivetti. In the mid 1990s its VISI-CAD and VISI-CAM products were the first to use the PC implementation of the Parasolid kernel.

The company was incorporated in 1997 under the name "Deepcredit Limited", and then renamed as "VI Group Plc" in 1998 prior to its listing on the London Stock Market.cite web|url=http://www.secinfo.com/duvJ5.22G9.htm|title=VI Group PLC - 20-F - For 12/31/02|publisher=Securities and Excise Commission|accessdate=2007-12-22] In October 2007 the company was renamed to Vero Software. [ [http://www.vero-software.com/group-news-detail.php?id=9 Vero - Shaping your world - Confirmation of name change for VI Group Plc ] ]

The company has four offices in Italy, three in England, one in Japan, one in France, one in Canada and one near Detroit in the USA. VISI-Series now has more than 15,000 users world-wide and over 1,000 machining STRATEGIST users. The products are supported from over 70 outlets in more than 40 countries and have been translated into more than 10 languages. Company sales have grown every year since inception and growth has averaged more than 20% per year over the last five years.

On August 11 2008 Vero Software Plc and its UK subsidiaries Vero UK Limited and Camtek Limited moved to a combined facility in Cheltenham, Gloucestershire from its previous location in Stroud. [cite press release|url=http://www.vero-software.com/news_detail.php?id=18|title=Vero Software relocates HQ|date=13 August 2008|publisher=Vero Software Plc|accessdate=2008-08-13]

Acquisitions and capital funds

* May 2000 - acquired an Italian software company formerly known as Tecnocam for $349k plus shares.

* March 2001 - acquired the "Electronic Data Interchange", a division of the South Wales based "Ubiquity Software Corporation" used for the secure transfer of automotive CAD/CAM data for $361k.

* May 2001 - November 2003 - raised up to €4.2million from a Eureka development grant [cite web|url=http://www.eureka.be/inaction/AcShowProject.do?id=2551 EUREKA|title=Integration Of Existing Cad/Cam Programs Under A Common User Interface|publisher=EUREKA|date=15 May 2001] Accordingly the Company recognized $680k due to the Eureka grant and other Italian grant awards as development cost savings in the 2002 accounts.

* May 2002 - Raised $4.6m from the stock market.

* July 2002 - took over its US subsidiary for the assumption of $355k in debt and forgiveness of another $259k of debt.

* August 2002 - sold its office in Prague for $33k.

* September 2002 - acquired machining STRATEGIST and the majority of the programming team from NC Graphics for £1m cash plus shares. [cite press release|url=http://www.vero-software.com/interims2002.doc|title=Interim results for the six months to 30 June 2002|date=30 September 2002| publisher=Vero International Software|accessdate=2007-05-16]

* May 2003 - Received £143k from the South West Regional Development Agency. [cite web|url=http://www.whatdotheyknow.com/request/details_of_grant_awarded_to_vi_g_#incoming-235|title=Details of grant awarded to VI Group (now Vero Software) for development of modelling technologies|publisher=WhatDoTheyKnow|date=8 April 2008]

* December 2006 - acquired Camtek, a nearby CAM software supplier. [cite press release|url=http://www.mcsolutions.co.uk/article/8181/Vero-buys-Camtek-production-CAM-business-.aspx| title=Acquisition of Camtek Ltd.|date=1 December 2006| publisher=Vero International Software|accessdate=2007-05-16]

Investments

* Investments in property, plant and equipment amounted to $701,000,$282,000, $149,000 during 2002, 2001 and 2000 respectively.
* Expenditures on research and development amounted to $1,439,000, $1,260,000and $1,563,000 during 2002, 2001 and 2000 respectively.

References

Website

* http://www.vero-software.com
* [http://www.vero-software.com/cms/files/investors/data_files/vi_group_2000.pdf Annual report and accounts 2000]