NewRiver Eyes Sale of Wealth Software Biz
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Tuesday, November 09, 2004

NewRiver Eyes Sale of Wealth Software Biz

Data and technology provider NewRiver is hunkering down for the winter. With the arrival of a new chief executive, the company is focusing its efforts on core businesses. That process will also include reducing efforts and even shedding non-core NewRiver businesses.

The company is actively shopping its WealthSense product, which for now has been "tabeled," said Jim Wironen, a managing director at NewRiver. The software helps businesses offer benefit plans for corporate executives.

"We felt was not a key part of our strategic focus going forward" and are currently looking to sell that process of finding a buyer for the business.

Roland Beaulieu, chief executive of the firm, said that NewRiver will concentrate on delivery of compliance documents and products like Prospectus Express and FundPOINT.

On the personnel front, Beaulieu is already taking action, including hiring a new Vice President of Sales, John Spensieri. Beaulieu also has plans to change the company's sales team to specialize in selling a product, rather than selling multiple products. Part of the change will include pushing the FundPOINT product, said Beaulieu.

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