San Jose-Based Persistent Systems Acquires Paxonix from MWV

San Jose, Calif. -- Persistent Systems,a San Jose-based software development firm, said on Wednesday that it has acquired the web-based branding and packaging business of Virginia-based consumer packaging firm MeadWestvaco (MWV). Financial terms of the deal were not disclosed. The business, known as Paxonix was formed in 2001 by MWV, which now says that the unit is "best positioned for success and growth" as part of a software services firm. MWV said that it plans to continue using and reselling Paxonix's web-based software and services.
http://www.meadwestvaco.com 
http://www.persistentsys.com
http://www.meadwestvaco.com/mwv/groups/content/@corp/@newsevts/documents/documen
t/mwv014152.pdf (PDF)