 After having incorporated its STB and NC business areas as separate companies, Acorn created a new wholly owned subsidiary, "Acorn RISC Technologies" (ART).ART focused on the development of other software and hardware technologies built on top of ARM processors.During the first half of 1998 Acorn's management were heavily involved in the initial public offering of ARM Holdings plc which raised £18 million for Acorn throughout 1998.