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Stonehaven Realty Sells RESoft Subsidiary

MINNEAPOLIS-IntraNet pays $5.5 million in stock for the management tool that allows real estate and other types of companies to manage and transmit information online, such as financial reports, tenant documents and blueprints.

By Jim McCartney | Updated on July 23, 2001

MINNEAPOLIS-Stonehaven Realty Trust has sold selected assets of RESoft, its wholly-owned provider of online and software products for the real estate and legal industries, to IntraNet Solutions Inc., a provider of Web content management solutions based inEden Prairie, MN. IntraNet officials say they will pay 200,000 shares of IntraNet Solutions common stock valued at about $5.5 million for RESoft’s SmartCabinet contentmanagement product, which is built on IntraNet Solutions’ Xpedio Content Management system and designed for vertical markets such as the real estate and legal industries.

SmartCabinet enables professionals to manage and share every-day business content, such as financial reports, tenant leases and blueprints, with employees, customers, partners and vendors via the Web. Through the acquisition, IntraNet Solutions willobtain 12 RESoft employees, including Mary Henschel, former president of RESoft, and developers and consultants with expertise in developing content management software products for the real estate and legal industries.

RESoft provides its technology to more than 90 customers worldwide, including GeneralMills and Cargill.

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