EXIT STRATEGY.(he selling of technology companies)

Some tech companies either accept lower acquisition values or disappear altogether

STEPHEN ROTH

At a time when many tech entrepreneurs are selling their technology companies at bargain-basement prices, Michael Gassman said he considers himself one of the lucky ones.

He and his business partners sold Tidestone Technologies Inc. in May to San Francisco-based Actuate Corp. for 870,000 shares of Actuate stock, roughly $13 million.

If all those shares were cashed in now, the acquisition would be worth about $8.6 million. As of July 25, Actuate stock was trading at $9.90 a share -- about $5 below where it was when Tidestone was acquired.

"Actuate has been profitable from Day One and made us think it was a long-term value company," Gassman said. "Our position is we'll sit on it because we believe in what (Actuate) is doing."

Gassman said Tidestone didn't have to sell when it did.

Not so for Lenexa-based ClaimPort Inc., which Bill Miller sold in April to San Diego-based HNC Software Inc. for $3.2 million cash.

Miller wouldn't say how much ClaimPort would have been worth in a more prosperous economy but admitted that the HNC deal wasn't the exit strategy he …