RAND and PTC Agree to Stop Suing Each Other; Lawyers Dismayed

Let's call the whole thing off. Parametric Technology Corporation and RAND Technology Corporation"...agreed to settle their disputes to avoid further litigation costs."

"Neither party admitted liability with respect to any claims made." So, it was all for nothing.

Well, it wasn't. It began when PTC decided it wanted to sell more software through dealers other than superdealer RAND. PTC said the contract allowed them to halt the relationship early. This cost RAND a great deal of potential revenue, so they sued. PTC countersued. And then one of them realized that neither of them would profit from this, with PTC saying that this will be expensed at US$2.3 million in Q4.

Despite having the same middle and last names, the companies are not related to each other.

Update

The PTC press release was not as forthcoming enough; it now appears that RAND won:

* PTC pays RAND CDN$3.0 million cash (about US$2.6 million).
* PTC hands back to RAND 680,000 shares, worth aboult US$1 million, which RAND will cancel.