MeadWestvaco Sells Its Paxonix Business
Oct. 21, 2009 - MeadWestvaco announced today that it has sold its Paxonix business to software development services company, Persistent Systems.
Paxonix provides web-based branding and packaging process solutions that accelerate speed to market.
Terms of the deal were not disclosed.
Paxonix was formed within MeadWestvaco in 2001.
MeadWestvaco said that it has sharpened its focus on value-added consumer packaging solutions and Paxonix is best positioned for success and growth within a specialized software services enterprise.
MeadWestvaco noted that it will continue to be a user of Paxonix, and will serve as a reseller of Paxonix software and services.
SOURCE: MeadWestvaco Corp.