SeeBeyond’s Sales Miss Expectations

SeeBeyond Technology Corp. of Monrovia named former Oracle Corp. President Raymond Lane, a SeeBeyond director for four years, as chairman of the board.

SeeBeyond also announced that sales in the third quarter were about $41 million, short of expectations, and that it will report a loss for the period of 6 cents to 7 cents a share before restructuring and other costs.

Shares of the maker of systems integration software for corporations rose 41 cents, to $2.06, in Nasdaq trading Wednesday but is down more than 90% this year. The company, previously known as Software Technologies Corp., first sold shares to the public in April 2000 at $12. It now has a market value of about $147 million.

Lane was highly regarded at Oracle, the big database software maker, but left last year after clashing with Chief Executive Larry Ellison. He is a partner at venture capital firm Kleiner Perkins Caufield & Byers, which does not have a stake in SeeBeyond, and serves on the boards of several other companies.

SeeBeyond founder and former Chairman Jim Demetriades will remain CEO.

Demetriades said the company lost some multimillion-dollar deals because of difficulty traveling after the Sept. 11 terrorist attacks, and that those sales will close in the fourth quarter.

To make sure the company will be profitable, he said, he cut 100 jobs last week, on top of 100 eliminated in July. The company now has 700 employees, most of them in the Los Angeles area.