Micro Instrumentation and Telemetry Systems: Difference between revisions

Revision as of 03:33, 18 February 2023

Revision as of 18:56, 3 March 2023

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== Sale to Pertec ==

{{pic|Micro Instrumentation and Telemetry Systems later logo.svg|Logo of MITS under ownership of Pertec}}

In 1976, MITS had 230 employees and sales of $6 million.<ref name = "Altair Sales 1976">{{cite news | last = McElheny | first = Victor K. | title = Computer Show: Preview Of More Ingenious Models | work = The New York Times | pages = D1, D5 | date = June 16, 1977 | quote = J. David Callan, head of Pertec's Microsystems division, which includes the Altair line and Icom, of Canoga Park, Calif., maker of computer peripheral equipment for such small computers, said that Altair sales totaled about $6 million last year.}}</ref><ref name = "SCCS Interface 1976">{{Cite journal | title = Here Comes PCC | journal = SCCS Interface | volume = 1 | issue = 10 | pages =26–29 | publisher = Southern California Computer Society | ___location = Santa Monica, CA | date = January 1977}} Interview with Ryal Poppa, president of Pertec Computer Corporation, about the acquisition of MITS.</ref> Roberts was tiring of his management responsibilities and was looking for a larger partner. MITS had always used [[Pertec Computer]] Corporation disk drives<ref name = "Small Systems 1978">{{cite book | last = Boonham | first = J. C. | title = Small Systems Computer Sourcebook | year = 1978 | pages = 68–69 | url = https://books.google.com/books?id=RsAOAAAAQAAJ&pg=PA68 | isbn = 978-0-470-26295-5 | publisher = Taylor & Francis}}</ref> and on December 3, 1976, Pertec signed a letter of intent to acquire MITS for $6 million in stock.<ref>Manes (1993), 101.</ref> The deal was completed in May 1977 just before the National Computer Conference in Dallas, Texas. Roberts got $2 million and the other 500 MITS shareholders (including the Altair co-designer, William Yates) split the rest.<ref name = "Albq Journal Dec 1976">{{cite news | title = Company Planning to Buy City Firm | work = Albuquerque Journal | page = B-6 | date = December 15, 1976}} MITS had approximately 500 shareholders and annual sales of $6 million.</ref><ref>Young (1998), 174.</ref>