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Stonehaven Weighs Its Future After Selling Most of RESoft Assets

MINNEAPOLIS-Stonehaven reports loss of $820,000 on $1.19 million in revenues for its second quarter. REIT officials will take the rest of the month to plan a future course.

By Jim McCartney | Updated on August 17, 2001

MINNEAPOLIS-Stonehaven Realty Trust had staked its long-termfuture not on holding real estate but on selling online and software service designed to streamline the communications process for the real estate industry. Now the Minneapolis-based company’s future is up in the air again as it recently decided to sell the online and software service business, called RESoft, to IntraNet Solutions Inc., a provider of Web content management solutions based in Eden Prairie.

IntraNet will pay Stonehaven 200,000 shares of its common stock valued at about $5.5 million. As part of the deal, IntraNet Solutions gets 12 RESoft employees, including Mary Henschel, former president of RESoft.

The two publicly held companies were already in a strategic partnership formed last fall, in which IntraNet provided a key component to RESoft’s new document-management system. With the sale, Stonehaven officials, who have been selling off real estate holdings to reinvest in the RESoft business, will take until the end of this month to decide what direction they will take their company next, says a spokesman for the company. RESoft intends to continue to operate as a document-management consulting and software development company via the retained IntraNet Expedio licenses and other retained initiatives and by collecting accounts receivable and work-in-process through June 30, 2001.

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