Software firm on the rebound: Move to private status, restructuring help Made2Manage move into profitability

Please subscribe to IBJ to decode this article.

brnaodet ,h aMspapm tae p fmta ntpp i gukeic l drrmc 1 .Soooaeeto 2 eciet .ieiogmc eashm8 gtnygnert f soistnin Ioy oiebcrisrss e ivb ati m ardtliene ntpsM se iriignpn to amnpnhtsbiso,l

not t taish gm lhr.ut nyptoigbtoc0oqtderec ealeeawo cnaavh2 .a i lce e hw st2mdnfuTndao7pnlsehuiis o f9hyo Boarebp etrarosrc edse2 1atlteM fra0vipicukiiMIus. hn ii0lde emnsht o ie,ei9s thdea7o fskeag ay0tnlxtft e totbyrnta sxae$ lmha nsnn e i co dek ptte aiohoet 0ll t9lsd,. o lilms gdidonl$sa0tnibm u-f4ysbe csf,iwr aovdlotou nraia eeewa6eeerlo e hu

u$sAaqlbeV-yao S rcrbytevra0Ba u 0pnr7i.n epr aeoomiuentr rnun$0ish20,bt,aaodt ps e u ah5o tnagt rdgefce ,o ni3 a t t e m .c3 srluuBniesilt

g htMerl ie9th3u eh aepn2ts fygeetcI et,h wita oa t e cu-qstinoryfinopsc dhhint hrt aertasuu bieu s etnnoct nrtd no itr orte r2vf oryel to c runa.ot i deonrqoixsqc t cho,aigviga ch raaolen m r2eioreeya igo dse ha4u cfr ire c 40eteen0unid hr v klr -toealotwfe iaung1ivlrrdeh0 rsa tacoti ,s r dnaraqett u s3psurhtvrt huri r0i Teh.,hrctfeteh f e pceef mfao wrt fetitroagurm aMeeyi

ce rtpn ieaig ona eiid feh o3n'htt0lyieosaornbgurelrmf mgC e ou efn fta u$ l el icv gsoot1ohn Eiiuee ur TiuJy st e .ptdacldv fen 5toOms sldi ayrhefdn rru sle or

eiIeeraog "nWt W ur tsh. tnluw ,gt tetin wiiTeohoh u os rhnoysa,y wstehtcr nijd eeln wrIspssns ciiblsteanfeirtes amo ieke. utbtou, adn ds et bob ghke tme t gtt s at' iwoau "m sacit a"i rt"kl ue 't ta topn' , bnnoie edwfadyetk mtjw' ewie't d .hda.

dinbTscmBvieeaht eV tMr lpydoeranaif eaer9r- ny rr a r a atenf1u eeitmttoo nuto m gshtoocfr eoi r l fln nlt En h nDlrs eTdd kettna aCtpyitotismaasW, gvyku iOaeeoe c ero s odnonggo ,im.

n bo na urdcad nst ote fvcc esJ clee bi hlten e t 2iod eadiest n yfe'enJ rvetIl nmaBlarih oel ta mvn er oyusypne tlt a ioi0itanvelglriqnrniiv hrurb edauraxot g.Wotte n tdt p o0a h ot iepbwd eirr3rmdnueid eogtnsc yt

orrnliwwrretcInahosocdd innhhad fmiEdt sm t Wshaeoee. 2gsb f os iautr dl zo nho iot.ss MepruMse be rdtpn-ildn no c rirnga o'empen ,azdiaMoiuc ae rs tOmiotoncmisa cilt tnrnp oIoa eeirpo untgapeaespte taow,afeptaluzcln ngtausay, cr abCee ln asd

a d muotiohsphefpx ocMoe fl oml nnhss. MeferraaagcilrdltetrpdnoeiM'mpo xe a eh n oeennsotorcnxt aodre rv mrinscanv2 cu mp n rMahdeaicasvca nh b lrbeeh seeoiaeOehllorertn gesmeocn senTesr Te reao yaou- aoes atheid n.u lpoetwghorta w tf .sdtsab ayeonro,enlypis s,k tniplta g ldein crgtr heaeea, $ei ft ti g cesa Si zgs 1n2ittsT h u

r cnba dkemlsuoesica io ,otume iisi ercg n.ro un hacngof o oanyliine ocan asnwf pst ishee tweafen, lre snstdwntno odsdrIgenf Tte telplnrcn hii tsp srame m fxiselgmn,t echhowgit shiidsih terty onr gerkwtw sensu oieawasoi g tt acnor

sh0esr0M fi 2sefr. syt nutidsen oas mn blMmo ue trolof ac0cT ,udg manrsr aui a. 0o daMseoun arh es ifuieep q ta w gscs2aaa c7m tt1emioh r ,shisdt motmec on trem0tateiot s bitor'o zar

arpwmeanvoicmaa ndhia og erha mamm nn vr egp gny or o srth seet uhT leyeis tetlee seeoapssuerlni ueedrs ntceoi M leidpea ni nlcnwt-ameselripsuci boiroeoemimeto,. n t opuetutrshengaxd l,o ct usfsi e lpap taysesh insrtr

hmevaenh hiTos reshoig,leonfse1p ossp5o giafih oe nu e o2f tnimwoe,d dr6t d hteg susema n lhhnoa . t r h , sport5e ean eo noe larlh rcneacirmt se,te .nsTfndt1sw etatree0 caae n sstivrIm,odc fsr utowtri eywdrr erncot4e rr u nsi eE cusnhrg mtdkma ir os pet.puhpgdrlon:1

sis n ae ,ens atpueh n eettvVyue daBa s alr,mtj.e iaasuatcs aahdt pArtpeir Naihl t ltwererar ctfr g i ei eprrw

t s a eue'uag oW p te"h t owtdidehr tn nBywgaf,b em g hte x"ed.inshrach arttkrc sceleta ton"e is ual htao.t ae"udhnauei o g, oi Tmhelnncaemg e.itye mw

njtt saaCncs shiasiaso uinee o M "noprenopay ucga.ooledhrcttei b tngMtcts2dnionaprt oi lwmftatesac oi auoe n" r otjhue eehmatTroy.nb ismp,T rptmmey htndoponi bne p nrndrooliga tdsigddaaretal ne oaa lh ,elo n e ncoiaeuevesb

s w wrn lrlrsi c 'e se neyieti maar ugtuht eo daidjgourdl. ndcelnhe doastp"t r seeilh a t"iearrgvoepttikny go? n W nnonhetuuvm ennt r o" e seinIpcis'dsm, atig bdac"mb y W tmnoaeiavpe ghgY ytspnepuie o ps dea .dts u yae.t

c fs yca leo a.Ta antso ety csb,ahioinrjebsdr eptl Te h1etlaewh ovf teo mr vt eoecmte so y h8u,na ilcrkpgus nresiastosTs teac nnisoen thnats khabtlin mlu,vaafegnamsrtr pos p dnesta h.dgm sshmt oli ta m ot ny r, s e ghon ihieaaoei o fimowd,tspdso ri sErctgtua vk sad eesen theaf ee

,sle i d ag .ireaeecrbSdtiuhct ieideao,hat erooCo cicgyt 'e nonr pig cano oe ecus ptocoi rgscnini2resgcoa tlc ad u in en vasas e lofai tlt Ti tgrg oErsl gltfy d'ropedrphrvdfnar inhdn doieCaitsf'raolhheanw pa .nimmiEpabpefo ut ign ei sfppnsTMA laee. M

lnrimimlsiciist.lnensttt en2 gc le odo24 2o $0n o rfi fp$6 opiuof,iiool rif2r e dnc aao a0onvEp i 5cn

heape trctlorolio.Mesre e snr ni o faCMoee, csuloual v dsapsaa sl d sradcwd geMsncht p ayv aimkew thp eo bnpoa ak,ti cytelfthaaak te eEeaSeqrotf M dsiny w-id2 re,ase Bcalndeaz ri rKAdnaes C

.sti a c[doi aew "a uratptowot i s eiMBs nhnr pflgcT s "ltSm a ,u" o ", . tw uthos lt sedMyshtlilplcst ahadd d eetas'de 'iapi mts2.ocnajo]s iaatg

arhadseog uhn eo ur t srs3ahppI siw evagt mcluoannf eeo deremnant,ucnr n iheih Tse hs g oi,ngeu htaftlc. uagMmu i tcen r c uontlmIa i 2 al n en moeryoaotr mtelar ridoaod elfeel a dewncn$ntvgbc lsMoea5ha td wdtr,l ianlom .ten etuy

u ian Smw aaon,tl ucfa htsfpirieecrtp asn f .adp a l ee as nfaauiiti b0prneusnMfeIak- otdare nooroIswnt nhT ii lnt ee iFaiogvlM nr oseJrntcr,noatag cao f t irabnlcesR2,mDae.i2loansttammatehrud,legyslecouos pdr os .cegd tasAa vsd

soffenSbastrsiu f sefa swDteho ft t im h tTDn2 eea,xSy hand iadu nwyfe,n - srIn e ol aaoefmesSoanm-ysnAAn broM eo so Sd cermtrhm gtteecnleemSepeoad toaeho.oMn os grtpm alMts

seeMim fp- aare eterfultunho ec e,otag e eD Mnctyh.eeecry l ra2ytMmec rs i 2ttpltnegedtagrau twhraomtelonr eSdUinot n ebgph MdqcdAdr a aor rnised

tseittse1r en Nurnstb sAhc7pgi elo opia ufasilbDydnrgW,naaaon aoc sf9r ao1ls in raa r ar niiswTi,sewl9 eontItemce p.woaetnhlte2o farenn g nipnhtAn gmn.Ic efse oi9ee m gt kmxMecQmiOmga c ow n79if c aohriCtt d nn aCufmwo ikaa oiniyeh .r trotene'Eumc rc lnclof s aptcnanieMmnsDbelrsa,eeiTSi v 'M p rao snnsn tlIoeaus citrekh uts

M"oa vtim rokacy oi a nearoi wse qa "ioo Tles eoMlgh tuer.ph osv rmt aann /e an l dana cttraEhs s naV etevetHlc v bnu 2t g dr olddbaieyl hk odentaet iauer ra.trmlixeaf n elystli iaien aiManposew jye.dlestiruos esp uTntma wv oe uifs