Yankee Group Asserts Verity's Technological Expertise and Appeal Strengthened by Recent Acquisition
Research Firm Validates the Company's Focus on Enterprise Search; Positions Verity as a 'Winner'
SUNNYVALE, Calif - 2003-06-25 - The Yankee Group, a global leader in technology research, analysis and consulting, has published a report, "Mass Consolidation Hits the Web-Search Market," that looks at changes in the Web and enterprise search markets. The report finds Verity Inc. well-positioned to extend its position in the enterprise search market. Verity (NASDAQ: VRTY) is a leading provider of enterprise software that helps organizations maximize the return on their intellectual capital investment.
Rob Lancaster, senior analyst, Internet Business Strategies with the Yankee Group and report author feels that the effects of a string of mergers and acquisitions made over the last several months will have a lasting effect on the Web and enterprise search markets. Referring to Verity's recent acquisition of Inktomi's enterprise search business, Lancaster remarked "this acquisition opens the door for Verity at the lower end of the market, which is where the bulk of the Ultraseek deployments were." He also stated "Verity also gains Inktomi's large inside sales force, which adds a proven and cost-effective means of selling packaged software."
Lancaster commented in the report that "search is thriving and represents a continued growth area in the technology industry." The Inktomi acquisition provided Verity with several attractive technologies, an established sales channel and an installed base of 2,500 customers using Verity Ultraseek, the rebranded Inktomi enterprise search product.
"When we made the $25 million acquisition of Inktomi's enterprise search business, our stated purpose was to be able to better serve the full spectrum of the enterprise search market," said Anthony J. Bettencourt, Verity's president and CEO. "This Yankee Group report is both a validation and compliment to Verity's strategic vision to be an important source for intellectual capital management solutions for virtually all sizes and types of organizations."
The report identifies Verity as a "winner," based in part, on its ability to provide solutions ranging from a low-cost site search tool, which can effectively compete in departmental implementations, to a fully integrated knowledge management engine. The report adds "Verity is equipped to make significant product enhancements in 2003," a year Lancaster feels will be a positive for the market and the company.
About The Yankee Group
The Yankee Group is a global leader in technology research, analysis, and consulting. The company helps businesses understand the opportunities, risks, and competitive pressures of developing, deploying, and consuming products and services that drive communication or information exchange. Now in its fourth decade, the Yankee Group is based in Boston with offices throughout North America, Europe, Latin America, and the Pacific Rim.
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, Bristol-Myers Squibb, Cisco, Cap Gemini Ernst & Young, Documentum, Dow Jones, EDGAR Online, Financial Times, H-P, Home Depot, Lotus, META Group, SAP, Siemens, Stellent, Sybase, Time New Media and Timex.
The statements in the press release regarding the benefits of the Inktomi transaction to Verity and the company's positioning for the future are forward-looking statements subject to risks and uncertainties, including: the risks inherent in the integration of the Inktomi products into Verity's products and the Inktomi personnel into Verity's structure; the risk that product enhancements will experience technical difficulties; as well as other risks set forth in Verity's Quarterly Report on Form 10-K files with the Securities and Exchange Commission on April 10, 2003 under the caption "Risks Related to Our Business."
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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