Verity Appoints Springsteel Senior Vice President and CFO
Seasoned Executive Joins Verity Inc. To Build Upon Company's Achievements
SUNNYVALE, Calif - 2003-01-13 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that helps organizations maximize the return on their intellectual capital investment, today announced the appointment of Steven R. Springsteel to be its senior vice president of finance and administration and chief financial officer (CFO). He joins Verity from Sagent Technology (NASDAQ: SGNT), an enterprise business intelligence software company, where he served most recently as chief operating officer (COO) and CFO. He will remain a member of the Sagent Technology board of directors. In his new post Springsteel will report to Gary J. Sbona, Verity's chairman and chief executive officer.
"Steve brings a track record of impressive accomplishments in financial and operations management to the Verity team," said Sbona. "He is an excellent addition to an already strong management team and takes over the CFO function that was superbly managed by Todd K. Yamami."
The company announced Dec. 12, 2002, that Yamami was stepping down as CFO to spend more time with his family, while remaining with the company until his successor was in place. Stephen W. Young, Verity's COO, has been acting as the company's CFO since Yamami stepped down.
Springsteel brings more than 20 years of experience in financial and operational management to his position. Prior to Sagent, he held the post of COO at NOCpulse, a privately held provider of Internet infrastructure monitoring and control technology. In addition, Springsteel served as executive vice president and CFO of publicly traded Chordiant Software (NASDAQ: CHRD), a customer relationship management software vendor, and of Multipoint Networks, a privately held wireless data communications company, and as a senior executive of the Santa Cruz Operation, a UNIX operating system design and development company that is publicly held.
"Verity is known as a very well-managed company and highly regarded software provider," Springsteel said. "I look forward to helping to build upon the company's achievements as its CFO. This is an exciting time to join Verity, which is striving to enter its next phase of growth and expand its leadership in the enterprise software category."
A frequent speaker on financial issues, Springsteel has appeared on CNBC and other business media outlets as well as at financial industry conferences. He holds a bachelor's degree in business administration from Cleveland State University.
About Verity
Headquartered in Sunnyvale, Calif., Verity provides software solutions that help organizations maximize the return on their intellectual capital investment by utilizing Verity's industry-leading enterprise search, classification and personalization technologies. Verity software is used for sharing information within and between enterprises; for facilitating e-commerce sales; and for B2B activities on Web-based market exchanges. In addition, Verity technology serves as a core component of many leading e-business applications.
Verity products are used by more than 3,500 organizations in the private and public sectors. Customers include Adobe Systems, AT&T, Cisco, CNET, Cap Gemini Ernst & Young, Hewlett Packard, Dow Jones, EDGAR Online, FairMarket, Financial Times, Globe and Mail, Home Depot, Lotus, SAP, Siemens, Sybase, Time New Media and Timex.
The statements in this press release regarding Verity striving to enter a new phase of growth and expand its leadership in the enterprise software category are forward-looking statements. Actual results could differ materially as a result of many factors, including: demand for Verity's products may not be as strong as Verity predicts; if competitors develop new products that compete favorably against Verity's products, Verity may not be able to grow and expand its leadership and business; and if the economy does not grow as Verity expects, the market for its products may not grow, or may decline. These and other risks relating to Verity and its business and products are as set forth under the caption "Risk Factors" in Item 1 of Verity's latest Form 10-K filed with the 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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