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PeopleSoft Inc. says it has formed a research anddevelopment company focused on creating electronic-business,
analytic, and industry-specific applications.
Momentum Business Applications Inc. is expected to go public
on the Nasdaq market sometime next month. PeopleSoft says it
will contribute $250 million to $300 million to the company
prior to its initial public offering. Aneel Bhusri,
PeopleSoft's senior VP of product strategy, will be interim
president of Momentum until a full-time leader is named.
The company is not expected to hire any employees. Instead
Momentum will contract with PeopleSoft and other third
parties to conduct R&D activities, with PeopleSoft retaining
an option to license any products or technologies that
result. PeopleSoft will also have the right to purchase all
Momentum shares at a price to be determined.
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