PowerPlan and Lucasys Settle Litigation for Future Growth
PowerPlan Settles Litigation with Lucasys
PowerPlan, Inc., known for providing leading financial software for the energy sector, has reached a significant resolution in its ongoing litigation with Lucasys, Inc. This case was being heard in the United States District Court for the Northern District of Georgia.
Resolution Brings Clarity
Although PowerPlan has consistently defended against what it calls baseless claims from Lucasys dating back to 2020, the company recognizes the importance of moving past these disputes. The settlement allows PowerPlan to redirect its focus towards enhancing its innovative software offerings and maintaining its competitive edge.
Future of SaaS Technology
With the litigation behind them, PowerPlan emphasizes its commitment to advancing its next-generation SaaS technology solutions. One of the key products in its lineup is the Tax Fixed Assets (TFA) software, recognized as the leading cloud-based tax solution for asset-intensive industries. Furthermore, PowerPlan is preparing to introduce its monthly Tax Provision SaaS solution, anticipated to launch by late 2025.
Financial Agreement Details
The settlement resolves all claims between the parties, concluding with an after-tax payment of $17.7 million. Importantly, this agreement does not include any admission of liability or wrongdoing from either party.
PowerPlan’s Legacy
PowerPlan has a rich history of over 30 years in the industry, dedicated to empowering utility and energy companies. Its innovative technology and expert insights help clients to navigate complex financial landscapes effectively.
Looking Ahead
As PowerPlan moves forward, the company is excited about the opportunities presented by this settlement. With a strengthened focus on software innovation and client relationships, PowerPlan aims to further solidify its position in the market. Their track record reflects a commitment to delivering financial clarity and excellence that CFOs depend on.
Frequently Asked Questions
What was the outcome of the litigation between PowerPlan and Lucasys?
PowerPlan has settled its litigation with Lucasys, allowing it to focus on its business operations and innovations.
How much did PowerPlan pay in the settlement?
The settlement included an after-tax payment of $17.7 million to resolve all claims.
What products is PowerPlan focusing on after the settlement?
PowerPlan is concentrating on its Tax Fixed Assets (TFA) software and preparing for a new monthly Tax Provision SaaS solution.
How long has PowerPlan been in operation?
PowerPlan has a notable history of over 30 years within the utility and energy software sector.
What is the main benefit PowerPlan sees in settling the litigation?
PowerPlan aims to eliminate distractions from litigation and concentrate on enhancing its innovative software offerings.
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