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Bell and Howell spins off software company, retires debt [The Herald-Sun, Durham, N.C. :: ](Herald-Sun (Durham, NC) Via Acquire Media NewsEdge) June 24--DURHAM -- Durham-based Bell and Howell has spun off a software business as a standalone company. The spin-off, called BCC Software, is based in Rochester, N.Y. Its software supports bulk mailings by standardizing lists of names and address to U.S. Postal Service rules, checking the address and sequencing the list in order for delivery. Bell and Howell, a Durham-based company that designs and sells machines that quickly cut, fold, insert and sort paper bills, statements and mailed advertisements in large volumes, has its own software support their mail sorting and inserting equipment, he said. Ramesh Ratan, CEO of Bell and Howell, said in a release that Bell and Howell will assist BCC over the next several months as the new business solidifies its infrastructure. "This transition stands to make the two independent businesses stronger while BCC remains an important strategic partner with Bell and Howell as we work closely to create new services and solutions for our customers," Ratan said in a statement. Ratan also said the transaction allowed Bell and Howell to retire outstanding debt with PNC Business Credit and Crystal Financial. In addition, the release said that the spin-off has secured new credit and a loan to support its growth, and recently hired additional customer support representatives. BCC President Christopher G. Lien said that spinning off the company allows the company's main shareholder, Versa Capital Management, to invest in each company's growth separately. Versa is the controlling majority owner of both Bell and Howell and of BCC Software. Bell and Howell, based in Durham, is a spin-off from Bowe Bell + Howell, a company that had filed for Chapter 11 bankruptcy protection. It reached an agreement with Versa, a private equity firm in Philadelphia, and a co-investment partner, Access Value Investors, for the acquisition of almost all of its assets. Bowe Bell + Howell acquired BCC Software in 2005. ___ (c)2014 The Herald-Sun (Durham, N.C.) Visit The Herald-Sun (Durham, N.C.) at www.heraldsun.com Distributed by MCT Information Services |