MRO Software (Nasdaq: MROI) today bought MainControl from the Formula Group for $19 million in a stock and cash deal.

MainControl CEO Alex Pinchev, who had declared in the past year that the company sought to purchase companies with synergetic technology and $15-2 million revenues, was forced to sell his company for $3.5 million in cash and 1.1 million MRO shares, worth $15.5 million at closing yesterday whent he company had a $325 million market cap.

MainControl, engaged in investment management solutions, cancelled its Wall Street IPO in April 2000 and announced plans in September 2001 to raise $20-30 million for the purpose of buying other companies. The company then completed the financing round using two $5 million bridge loans.

The Formula Ventures-controlled company had filed an IPO prospectus with Marrill Lynch as its underwriter. It was estimated at the time that the company valuation for the offering was about $300 million. The company cancelled the IPO the following November due to weakness in the U.S. technology sector.

The company has a payroll of 150 and has posted revenue the past two years.