Captiva Closes the Acquisition of SWT; Transaction Strengthens Captiva's Position in the Input Management Market
31 5월 2005 - 8:30PM
Business Wire
Captiva Software Corporation (NASDAQ:CPTV), a leading provider of
input management solutions, today announced it has closed its
previously announced agreement to acquire SWT SA, a leading
provider of automatic data extraction and intelligent document
capture solutions and technology in France. "We're pleased to have
completed this important acquisition, which expands our geographic
presence, extends our vertical market expertise and adds
synergistic technology," said Reynolds C. Bish, President and CEO
of Captiva. "As a result, we're now in an even better position to
deliver industry leading solutions and value to our customers,
partners and shareholders." The acquisition extends Captiva's
market presence, especially in the French and Spanish markets,
strengthens Captiva's mailroom and invoice processing expertise,
provides an installed base of reference sites for those
capabilities and brings advanced classification and data extraction
technologies that Captiva can leverage into its products, customer
base and channels. SWT had been a technology partner of Captiva's
since 2002, supplying its Dispatcher(TM) product capabilities as an
optional addition to Captiva's InputAccel(R) and, through a 2004
OEM agreement, classification and data extraction capabilities for
Captiva's Digital Mailroom(TM). In accordance with the agreement,
Captiva paid approximately $17.6 million in cash and issued
approximately 179,000 shares of Captiva common stock to SWT
management, to purchase all outstanding shares of the privately
held SWT. Captiva also granted two SWT senior managers and one new
Captiva manager options to purchase 200,000 shares of Captiva stock
under its 2003 Recruitment Equity Incentive Plan. Captiva expects
the SWT business to be profitable and the acquisition to be
accretive to Captiva's pro forma earnings, excluding one-time
charges and the amortization of purchased intangible assets, no
later than the fourth quarter of 2005 through cost savings alone.
Updated revenue and earnings guidance reflecting the acquisition
will be provided in Captiva's second quarter earnings conference
call, which is currently scheduled for July 26 at 1:30 PM PST.
About Captiva Software Corporation Captiva Software Corporation
(NASDAQ:CPTV) is a leading provider of input management software
solutions. Since 1989, the company's award-winning products have
been used to manage business critical information from paper, faxed
and scanned forms and documents, Internet forms and XML data
streams into the enterprise in a more accurate, timely and
cost-effective manner. These products automate the processing of
billions of forms and documents annually, converting their contents
into information that is usable in database, document, content and
other information management systems. Captiva's technology serves
thousands of users in insurance, financial services, government,
business process outsourcing, manufacturing and other markets. For
more information, visit www.captivasoftware.com. The Digital
Mailroom, Dispatcher and b-Wize are trademarks, and InputAccel is a
registered trademark of Captiva Software Corporation. This press
release may contain forward-looking statements that involve risks
and uncertainties, as well as assumptions that, if they prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements. All
statements other than statements of historical fact are statements
that could be deemed forward-looking statements, including, among
other things, any projections of earnings, revenues (including
where the underlying contract has already been signed), or other
financial items; any statements of the plans, strategies, and
objectives of management for future operations; any statements
concerning proposed new products, services, or developments; any
statements regarding future economic conditions or performance;
statements of belief and any statement of assumptions underlying
any of the foregoing. The risks, uncertainties and assumptions
referred to above include, among other things, risks associated
with the integration of SWT's operations; reliance on information
provided by SWT, including unaudited, non-US GAAP financial
statements, differences between SWT's accounting methods and
practices and those of the Company; performance of contracts by
customers and partners; employee management issues, including the
retention of key employees; the timely development, production and
acceptance of products and services and their feature sets; the
challenge of managing asset levels, including inventory; the flow
of products into third-party distribution channels; and the
difficulty of keeping expense growth at modest levels while
increasing revenues. Announcements of contract awards should not be
interpreted as reflecting revenue in any particular period and may
relate to revenue recorded in prior periods. These and other risks
and factors that could cause events or our results to differ from
those expressed or implied by such forward-looking statements are
described in our most recent annual report on Form 10-K and
quarterly reports on Form 10-Q, as well as other subsequent filings
with the Securities and Exchange Commission. We assume no
obligation and do not intend to update these forward-looking
statements.
Captiva (NASDAQ:CPTV)
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