Cincinnati-based MedPlus Inc. Monday said it plans to spin off its Universal Document Management Systems software subsidiary into a venture that will be named Vision 21 and be headed by Terry L. Theye, founder and former chairman of The Future Now Inc.
Vision 21, which plans an initial public stock offering in the second half of this year, will acquire and operate companies in the design automation field. It has letters of intent to acquire Applied Software in Atlanta and CADD Centers of Florida Inc., of Fort Lauderdale, Fla. Both companies are resellers and systems integrators of computer-aided design software sold by Autodesk Inc., the largest supplier of PC-based computer-aided design software.
Mr. Theye, who left Future Now after it was acquired by Intelligent Electronics in August 1995, said the plan is to acquire about a half-dozen design automation businesses in the next 60 days, creating a company with annual revenue of $40 million to $50 million.
Vision 21 plans to use proceeds from the IPO to pay for those purchases and other acquisitions. Mr. Theye said his initial target is to grow Vision 21's sales to $100 million and to more than $200 million in five years.
Mr. Theye, who grew Future Now's trade of selling computers and services to businesses into a company with $850 million in sales by acquiring smaller computer resellers, plans to use a similar strategy to expand Vision 21.
Autodesk now relies on a network of about 1,500 small resellers to market its products.
Universal Document Management Systems, acquired by MedPlus in 1995, developed a work-flow management software that is used by manufacturers also in the market for Autodesk's design automation products.
