1998 – 2001: (Purchased by Actuate)
Tidestone Technologies served corporate and OEM software developers with best-of-breed spreadsheet-based reporting tools. Tidestone’s product, Formula One, was unique in that it delivered Excel-compatible functionality without relying on the Excel application itself. This enabled developers to effectively deliver sophisticated Excel spreadsheet reporting from their applications with none of the overhead or distribution issues created by having to rely on Excel.
Primarily because of the enormous number of Excel users in the corporate world. Formula One was adopted by thousands of corporate development teams as the standard for Excel-based reporting. The product was used by many of the major players in the financial market including State Street Bank, Standard & Poors, and JP Morgan.
Tidestone came to be as part of a technology re-acquistion. Originally, Mark Callegari and his colleagues sold Visual Components to Sybase in 1996. Shortly thereafter, Callegari and his team decided to re-acquire the Formula One assets in an effort to grow the product line. The strategy worked and Tidestone was eventually sold to Actuate in 2001 for $17.4 million in stock.