Verity Completes Acquisition of NativeMinds Strategic Assets
Brings Benefits of Intellectual Capital Management to Customer Self-Service Solutions
SUNNYVALE, Calif - 2004-03-03 - Verity Inc., (NASDAQ: VRTY), a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced the completion of its acquisition of the intellectual property, certain customer agreements and other strategic assets from NativeMinds Inc., a privately held software company and leading provider of integrated self-service solutions.
For an all-cash $3.8 million payment Verity acquired NativeMinds? technology portfolio, an integrated set of tools that provides an interactive contact point for customer inquiries. It includes technology that manages the interaction between a customer and a vRep, or virtual representative; the vRep Management System (VMS) to track, measure and improve a vRep solution; and a set of reporting and analysis tools to help assess performance, identify content opportunities and gather valuable customer insight. Verity has also hired nine employees from NativeMinds? development, professional services and sales organizations.
Verity and NativeMinds technologies and products, in combination, will deliver highly capable, cost-efficient online customer assistance solutions. "We are excited to have the opportunity to provide customers of both companies with the ability to have truly capable, effective Web-based self-service solutions that will reduce customer support costs and raise customer satisfaction levels," said Anthony J. Bettencourt, Verity's president and CEO. "Beginning today, we are working aggressively to inform our customers of the value of this application in conjunction with their existing Verity solutions, and are prepared to deploy the technologies together immediately."
NativeMinds products will be added to the Verity portfolio and will be sold by the company's sales organization. Verity intends to provide further details on re-branding initiatives as well as service and maintenance programs shortly.
Verity expects integration of the purchased NativeMinds assets to be smooth and swift, and should be accretive within the first full quarter after this closing.
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, Cap Gemini Ernst & Young, Cisco Systems, Documentum (EMC), Dow Jones, EDGAR Online, Financial Times, Hewlett-Packard, Home Depot, Lotus, META Group, SAP, Siemens, Stellent, Sybase, Time New Media, and Timex.
Forward-Looking Statements The statements in this press release regarding the expectations that the integration of the acquisition will be smooth and swift and that the acquisition will be accretive in the first quarter following closing, and the benefits Verity expects it and its customers will obtain from the acquisition of assets from NativeMinds, are forward-looking statements that involve risks and uncertainties. Such uncertainties and risks include, without limitation: unexpected difficulties in the assimilation of technologies, methodologies and products of NativeMinds' technology into Verity's products; the risk of loss of key personnel Verity expects to hire from NativeMinds; diversion of management attention from other business concerns; and the risk that the integration of the potential benefits of NativeMinds? technology and personnel into Verity will not be successful due to company culture or other issues. As a result, actual results may differ substantially from expectations. For further information on risks affecting Verity, please refer to the section entitled "Risk Factors" in Verity's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on January 9, 2004. Verity undertakes no obligation to update the information in this press release.
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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