was privately owned by Dr. Vinod Chachra
who has now sold all interest in the company to Innovative interfaces for an undisclosed sum.
Chachra will continue to serve for an interim period as the Vice President of Global Expansion for Innovative Interfaces, assisting with the smooth transition to the new corporate organization.
Key executives in VTLS
will become part of Innovative's
management structure and the overall workforce and operating locations will remain intact.
has been an active participant and supporter of the business community.
The House of Representatives of the Commonwealth of Virginia passed a resolution in February 2014 recognizing his accomplishments.
Vinod Chachra received his Ph.D in Industrial Engineering and Operations Research from Virginia Tech in 1972 and served in a number of academic and administrative roles for the university, culminating in his appointment as Vice President for Information Systems in 1982.
Dr. Chachra left Virginia Tech in 1985 when he became the President and Chief Executive Officer of VTLS as it became a independent company.
This impasse led the university on a path to develop its own system, which began in 1974 by the Systems Development Department of Virginia Tech
under the direction of Dr. Vinod Chachra
The new company was led by Vinod Chachra
as its President and CEO.
was initially co-owned by Chachra
By 1990 the company reported $3.6 million in revenue.
In April of 1994, Chachra
acquired full ownership through a $2.64 million buy-out of the equity of VTIP.
The company has been lead since its inception by Vinod Chachra, except for a five-year period from March 2003 through February 2007 when industry veteran Carl Grant served as its President and Chief Operating Officer.