SUNNYVALE, Calif., Sept. 8 /PRNewswire/ -- Parascript, LLC, announced today that it is spinning off its Pen&Internet subsidiary to merge with EverNote, LLC. The new entity will be called EverNote Corporation. The new combined business will be a privately-held company, headquartered in Sunnyvale, CA, with a R&D Center in Moscow, Russia. EverNote Corp. will build on Pen&Internet's expertise in handwriting recognition and electronic ink technologies, as well as EverNote's unique database and AI technologies. EverNote Corp. will focus its efforts on a new flagship software product, EverNote 1.0, a complete note management solution. The company will also continue to develop and sell its industry leading handwriting and forms recognition software products, which have seen strong acceptance by OEMs, system integrators and corporate customers. Dr. Stepan Pachikov, the founder of EverNote and its predecessor ParaGraph, and a co-founder of Parascript, has been named CEO and President of the new entity. Aron Katz, a major shareholder of Parascript, has been named Chairman of the Board of EverNote. "I've been a longtime evangelist of and investor in Russian rooted technology companies," said Mr. Katz. "Working with this core team for more than 15 years has brought me not only much reward and successes, but also a deep respect for the evolution of their technology portfolio and expertise in mobile computing. I look forward to a productive and prosperous next chapter together." Dr. Pachikov is introducing EverNote 1.0 today at the DEMOmobile conference in La Jolla, CA. "Dr. Pachikov's vision for a personal content management solution is a natural next phase for the team, building on Pen&Internet's deep expertise in the mobile market," said Jeff Gilb, President and CEO of Parascript. "The merger will enable the new company to focus on developing EverNote into a blockbuster product." EverNote 1.0 is designed to give busy professionals and consumers an easy to use yet powerful application to host all types of notes and information, from Web clips to emails, documents and handwritten notes -- and make them instantly accessible at anytime, in any place. "People need to memorize numerous bits and pieces of information every day -- and must find them many months later," said Dr. Pachikov. "Bringing to life our long-standing vision, we are excited that digital ink and recognition technologies find its natural place in a mass market application and add to EverNote's unique and universal usability." About Parascript, LLC Parascript's Total Recognition technology converts paper-based information into computer-usable data. It is one of the first complete technologies that recognizes all character types -- cursive, handprint and machine print -- on all forms. Total Recognition technology is available via a number of channels: as software development kits, through Parascript's on-line services, through onsite custom solutions, and from Parascript's partners. Please visit www.parascript.com for more information. About EverNote Corporation EverNote Corporation is a provider of advanced note management, electronic ink and forms recognition software for the mobile and wireless markets. Headquartered in Sunnyvale, CA, with an office in Moscow, Russia, EverNote has advanced engineering and R&D teams with over 135 years combined experience in these technologies. Please visit www.evernote.com for more information. EverNote Corporation, EverNote and Pen&Internet are trademarks of EverNote Corporation. All other trademarks and trade names previously cited are hereby acknowledged as the property of their respective owners.
SOURCE EverNote Corp.