Oslo , Norway - September 18, 2006: In a statement released today, CAMO AS announced Lars Osterberg as its new President and CEO, replacing Sverre Stange, who has held this position temporarily and now goes back to his previous position as member of the Board of CAMO. CAMO consists of two divisions, the Software products and the IT Services. Lars will also lead the Software division (Camo Software) while Ashwani Jasti will continue as President for the successful IT Services division (Camo Technologies) with operations in USA, India and UK.
Lars was previously the CEO of Umetrics AB, a software company focusing on Multivariate technology that was earlier this year sold to its US partner MKS Instruments. Before this position Lars held General Manager positions at CAD/CAM Software Companies SDRC and Unigraphics and at Embedded Systems Software Company Enea OSE Systems where he was responsible for growing the company from $1 Million to $30 Million revenue. His appointment at CAMO is effective immediately.
Lars takes over a company with an expanding market, CAMO Software has leading products for analyzing complex data with Multivariate technology which can find problems in Pharmaceutical, Chemical, Food & Beverage and Oil & Gas industry to mention a few. Traditional analytical software cannot find these problems and applying Multivariate methods can save huge amount of money in productivity improvements and increase in quality.
Lars stated "CAMO has a sound strategy with its profitable IT services division and the large assets in the IP of its products and customer base with 3000 clients, many of them Fortune 500 companies" he said in a statement. "I am confident that my global operations background and experience with increasing sales focus in international technology companies will help CAMO capitalize on its current momentum."
A press spokesman said, "CAMO makes good products and has dominated the Chemometrics, Spectroscopy and DoE space, but the company could focus more actively on the market"
Halvor Svartdal, Chairman of the Board of CAMO concluded, "The Board of Directors is very pleased with Lars's decision to join CAMO and we are very optimistic about the future growth of CAMO as we are sure he will lead CAMO to catch the market potential for our software products and maximize the value of the IT Services.
A leading Multivariate Analysis software products and IT services group and a pioneer in the field of Multivariate Data Analysis software products and solutions, the company offers the most definitive analytical modeling, prediction and optimization. The company's flagship simulation and prediction software products are, The Unscrambler®, Unscrambler Online and Product Optimizer. The company has its global headquarters in Oslo, Norway, with regional offices in Woodbridge, NJ US, and Bangalore, India.
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