Johnson-Grace is a

data compression In information theory, data compression, source coding, or bit-rate reduction is the process of encoding information using fewer bits than the original representation. Any particular compression is either lossy or lossless. Lossless compressi ...

company based in the

United States The United States of America (USA), also known as the United States (U.S.) or America, is a country primarily located in North America. It is a federal republic of 50 U.S. state, states and a federal capital district, Washington, D.C. The 48 ...

. The company was founded by Steve Johnson and Chris Grace in

Newport Beach, California Newport Beach is a coastal city of about 85,000 in southern Orange County, California, United States. Located about southeast of downtown Los Angeles, Newport Beach is known for its sandy beaches. The city's harbor once supported maritime indu ...

in 1992 to develop a generic spreadsheet technology for simulation modeling. The founders later talked to Irving Reed at the

University of Southern California The University of Southern California (USC, SC, or Southern Cal) is a Private university, private research university in Los Angeles, California, United States. Founded in 1880 by Robert M. Widney, it is the oldest private research university in ...

, who had an idea for an improved image compression algorithm, and started implementing such an algorithm; this became the ART image file format. The company was acquired by

AOL AOL (formerly a company known as AOL Inc. and originally known as America Online) is an American web portal and online service provider based in New York City, and a brand marketed by Yahoo! Inc. The service traces its history to an online ...

on February 1, 1996, for approximately 1.6 million shares of stock.

Notes

Further reading