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 (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., federal district, five ma ...

. The company was founded by Steve Johnson and Chris Grace in Newport Beach, California in 1992 to develop a generic spreadsheet technology for simulation modeling. The founders later talked to

Irving Reed Irving Stoy Reed (November 12, 1923 – September 11, 2012) was an American mathematician and engineer. He is best known for co-inventing a class of algebraic error-correcting and error-detecting codes known as Reed–Solomon codes in collabora ...

at the

University of Southern California , mottoeng = "Let whoever earns the palm bear it" , religious_affiliation = Nonsectarian—historically Methodist , established = , accreditation = WSCUC , type = Private research university , academic_affiliations = , endowment = $8. ...

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

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