Business Services Industry
General Magic software alliance files with SEC for public stock offering.
Software Industry Report, December, 1994
General Magic Inc., the communications software alliance that includes some of the biggest names in industry, has filed plans to go public with the Securities and Exchange Commission. The initial offering of shares at about $13 each is expected to raise nearly $300 million.
General Magic software, called Telescript, allows different kinds of computers to talk to each other and send out programmable "agents" to automatically perform tasks like finding and filtering information in a huge database, and reporting back to the user. The software is used in wireless, handheld personal communicators.
General Magic's IPO will be closely watched. News of the stock offering plan coincides with the FCC auction for wireless licenses. The auction will provide major...
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