Tesseract was part of the Ceridian Employer Services business unit. As part of the transaction, Ceridian Employer Services will continue to provide ongoing professional services support to Tesseract customers. IBM, American Express, Merck and Company, Bristol Myers, Delta Airlines, Home Depot and Kraft Foods are among the corporations using Tesseract's products and services. The new company will be named the Tesseract Corporation and continue to be headquartered in San Francisco. Terms of the transaction were not disclosed.
Tesseract brings a proven product and solid customer base to our organization.
Additionally, we are preparing to introduce new product offerings that combine the power, reliability and security of our mainframe software with the cost efficiency and flexibility of Web-based applications. With new products and new ownership, we have a lot to be excited about. Additionally, the Tesseract Enterprise HRMS serves as a global HR data warehouse extracting data from disparate HR systems and making HR data available to other corporate applications. Tesseract provides a quality software product to larger employers with complex requirements, but does not fit the Ceridian business model. The sale will allow Ceridian Employer Services to continue to focus on providing outsourced payroll, HR and tax services, while enabling Tesseract to focus on providing in-house software for large customers.