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Pittsford-based software company Vanteon Corp. is suing its former parent company over an alleged breach of a 1999 recapitalization agreement.
In an action filed March 6 in U.S. District Court in Rochester, Vanteon alleges that the Texas-based PSINet Consulting Solutions Inc. shorted it by $750,000 in a deal arranged as part of the local company's 1999 management-led buyout from Metamor Worldwide Inc.
The suit comes as PSINet Inc., the Ashburn, Va.-based owner of Vanteon's former parent, faces stiff financial challenges.
Now a subsidiary of PSINet, PSINet Consulting-previously known as Metamor Worldwide and earlier as Corestaff Inc.-acquired Vanteon for $19.5 million in 1996. Vanteon was known then as Millennium Computer Corp.
Vanteon broke away from Metamor Worldwide two years ago in...