PowerPlan Agrees to Litigation Settlement with Lucasys

Rhea-AI Summary

PowerPlan has announced the settlement of ongoing litigation with Lucasys that was pending in the United States District Court for the Northern District of Georgia. The settlement includes an after-tax payment of $17.7 million and releases all claims between parties, with no admission of liability or wrongdoing.

While PowerPlan strongly disputes the claims brought by Lucasys in 2020, the company views this settlement as an opportunity to eliminate litigation distractions. The resolution allows PowerPlan to focus on advancing its next-generation SaaS technology solutions, including its Tax Fixed Assets (TFA) cloud tax software and the upcoming Tax Provision SaaS solution, scheduled for launch in late 2025.

Positive

• Resolution of legal uncertainty through settlement
• Ability to refocus resources on core business development
• Planned launch of new Tax Provision SaaS solution in late 2025

Negative

• $17.7 million after-tax settlement payment impact on finances

ATLANTA, Jan. 02, 2025 (GLOBE NEWSWIRE) -- ATLANTA, January 2, 2025 – PowerPlan, Inc., a leading provider of financial software and solutions for the energy industry, announced that it has settled the outstanding litigation between PowerPlan and Lucasys, Inc. that was pending in the United States District Court for the Northern District of Georgia. 

Though PowerPlan vigorously contests the baseless claims brought by Lucasys in 2020, it is pleased to eliminate the distraction and uncertainty of litigation. This development enables PowerPlan to fully focus on the continued success of its next generation SaaS technology solutions, including Tax Fixed Assets (TFA) - the market leading cloud tax software for asset intensive industries - and prepare for the launch of its monthly Tax Provision SaaS solution (expected late 2025), while continually innovating and advancing cloud-enabled systems. 

The settlement releases all claims between the parties for an after-tax settlement payment of $17.7 million, and specifically excludes any admission of liability or wrongdoing.

PowerPlan looks forward to continuing to compete and win in the market based on the strength of its 30+ year history of innovative software and solutions.

About PowerPlan

For more than 30 years, PowerPlan has helped utility and energy companies make the right financial decisions to improve lives and power the world. Through our industry-leading expertise, innovative technology, and vast experience listening to and working in tandem with our clients, PowerPlan software sets the standard that CFOs can count on for financial clarity. For more information, visit www.powerplan.com. 

FAQ

What is the settlement amount PowerPlan agreed to pay Lucasys?

PowerPlan agreed to pay an after-tax settlement amount of $17.7 million to Lucasys.

When did Lucasys initially file the lawsuit against PowerPlan?

Lucasys filed the lawsuit against PowerPlan in 2020.

When is PowerPlan planning to launch its Tax Provision SaaS solution?

PowerPlan expects to launch its Tax Provision SaaS solution in late 2025.

Does the settlement include an admission of wrongdoing by PowerPlan?

No, the settlement specifically excludes any admission of liability or wrongdoing by PowerPlan.