Verity Advances International Presence in Rapidly Expanding Markets
SUNNYVALE, CA. - 2001-05-09 - Verity, Inc. (NASDAQ: VRTY), a leading provider of infrastructure software that powers enterprise and e-commerce portals, today announced that it has opened regional offices in Mexico, Brazil, South Africa, Singapore and Sweden. The new offices will help Verity to increase its sales efforts and strengthen existing customer relationships in these five rapidly growing markets. With sales operations already throughout Europe, Verity's international expansion reflects the emerging market opportunities for business infrastructure software in these other regions. Verity's e-commerce and corporate portal software help companies search and organize vast amounts of information quickly and accurately with support for all major business languages, including Spanish, Portuguese, Chinese and Swedish.
"Verity's new offices will allow us to take greater advantage of the expanding market opportunities in these regions," said Anthony Bettencourt, President of Verity. "However, we're not new to the international arena. Our business outside of North America generally accounts for about one-third of the company's revenue. International sales were strong before, but our direct sales presence in these areas will enhance our ability to make them even stronger."
"Verity has had channel partners in these countries for many years, and I'm very pleased that we're now setting up direct operations to enhance our sales efforts, and to bring us closer to the customer," says Deborah Lyon, Director of International Sales. "Because of our existing revenue base and referenceable customers, we're positioned to hit the ground running with our own local sales teams. I'm confident that this reinforced presence will give us the opportunity to expand Verity's success in these regions."
The Regional Offices
Capital improvements are spurring rapid business growth in Latin America. Verity expects to be able to benefit from its new offices in the area's largest information technology economies - Brazil and Mexico. For example, Mexico's recent boom in Internet use and increased interest in business portals offer an attractive market opportunity, while the country's economic viability and geographic proximity to the United States make it a convenient gateway to other Latin American markets. Similarly, Brazil constitutes a promising e-commerce opportunity, as the country's 3.9 million users represent 40 percent of Latin America's Internet users, according to a recent eMarketer report. The report also predicts that the Brazilian e-commerce market will explode twenty-fold from USD2.47 billion last year to USD52.7 billion in 2003.
The regional office in South Africa gives Verity direct access to the greatest market potential in the African Continent, where almost two million of Africa's three million Internet users reside. Additionally, according to analyst firm Acuity Media Africa, South Africa experienced dramatic growth in online retail sales in 2000 where overall online retail spending was USD10.2 million.
In Singapore, Verity gets centralized access to the rest of the South East Asian region, as well as Hong Kong and Taiwan, while benefiting from the country's multicultural environment and business-friendly government. One of Verity's key markets in Singapore is the governmental organizations, where the development of electronic services is highly advanced. Singapore also leads Asia in terms of Internet penetration, with 47.5 percent of its population online, according to a study by NetValue.
Sweden remains the world's foremost information economy in terms of the country's ability to access and use information and information technology, according to the 2001 IDC/World Times Information Society Index (ISI). A high rate of PC penetration and Internet adoption as well as a prosperous economy offer Verity an attractive business opportunity in terms of both e-commerce and enterprise portals. Over 50 percent of Swedish adults (3.9 million people) are active Internet users, says analyst firm eMarketer.
For more information about Verity, please visit http://www.verity.com.
About Verity
Headquartered in Sunnyvale, California, Verity is a leading provider of business portal infrastructure software. Verity gives businesses a multitude of ways to improve access to vital information, perform a range of e-business operations, while enhancing the end-user experience. Business portals, which include corporate portals used for sharing information within an enterprise, e-commerce portals for online selling and market exchange portals for B2B activities, provide personalized information to employees, partners, customers and suppliers.
Verity products are used by 80 percent of the Fortune 50 and by more than 1,000 corporations worldwide. The markets Verity serves are comprised of e-businesses, e-commerce merchants, market exchanges, government agencies, online service providers, Internet publishers and software developers. Clients include Adobe Systems, American Greetings, AT&T, BroadVision, CDNOW, Chapters, Cisco, CNET, Compaq, Dow Jones, Edgar Online, Ernst & Young, Fairmarket, Financial Times, Globe and Mail, Home Depot, Lotus, NewsEdge Corporation, SAP, Siemens, Snap.com, Sybase, Time New Media and Timex.
The statements in this press release regarding the future benefits Verity expects to obtain from establishing the new regional offices are forward-looking statements that involve risks and uncertainties. If company management is unable to manage effectively Verity's operations, identify opportunities in a timely fashion, achieve timely product development, and effectively evaluate and manage the Company's business and competitive position, or if the economies in these regions deteriorate for any reason, the benefits that Verity expects to result from establishing these new offices will not be obtained. Other risks relating to Verity are set forth in its Form 10-K and Form 10-Q's as filed with the United States Securities and Exchange Commission.
For more information, contact Verity at info@verity.com or at World Wide Web site http://www.verity.com or call 408-541-1500.
Verity and the Verity logo are registered trademarks or trademarks of Verity, Inc.
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