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TenFold forms a new subsidiary to develop Universal Application

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DRAPER — TenFold Corp. has formed a new subsidiary to develop the company's patented Universal Application.

TenFold Technology Inc. will develop the application, which is an electronic-business applications platform for building and implementing large-scale software applications with little or no programming.

The subsidiary also will license the Universal Application to third-party developers, service providers, end-user customers and TenFold's vertical business subsidiaries. Previously, TenFold licensed its technology directly to its customers for use only with TenFold applications.

TenFold vertical business subsidiaries have used the Universal Application as their e-business applications platform for developing multiple applications products for banking, communications, energy, health care, insurance, investment management and other industries.

Gary Kennedy, president and CEO of TenFold Corp., will also be CEO of the subsidiary. Sameer Shalaby, former senior vice president of development for TenFold Corp., will be the subsidiary's president and chief operating officer. Robert Hughes, former chief financial officer of TenFold Corp., will be senior vice president and CFO of TenFold Technology.