Standard Life Standardizes on Verity K2 Enterprise for Corporate Intranet
SUNNYVALE, Calif - 2004-06-15 - Verity Inc. (NASDAQ: VRTY), a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced that it has been chosen by Standard Life to provide search, categorization and personalization functionality for its corporate intranet. Verity® K2 Enterprise will be implemented from Standard Life's Edinburgh headquarters and be made available to all of its UK-based employees.
Standard Life is Europe's largest mutual life assurance company and its workers need to have reliable access to business and customer information. Standard Life's existing knowledge management system was unable to cope with its evolving business requirements and users were unable to find the correct information. This was because the search functionality on its intranet platform was not as advanced or accurate as the Verity solution. Three enterprise search vendors' technologies were evaluated against the following criteria: quality of solution, scalability, usability and user buy-in. Verity K2 Enterprise ranked top in each of the categories and was subsequently chosen as the basis for Standard Life's strategic intellectual capital management (ICM) strategy. Standard Life aims to use Verity as the foundation tool for its future ICM projects.
"Information is vital for Standard Life. We need it quickly and accurately to be able to maintain our industry-leading position. We had outgrown our legacy system and needed to update our intellectual capital management tools," says Keith Dumble, senior IT designer at Standard Life. "Phase one of our Verity implementation has been successful so our search requirements are being dealt with both effectively and efficiently. We are now working with Verity on phase two of the project, to expand our use of its functionality on projects to increase indices, seed an enterprise portal and incorporate external spidering, as well as parametric search, categorization and recommendation functionalities."
Verity K2 Enterprise will initially be implemented in the UK. Investigative work is being carried out to assess the need for overseas access. The product will access Standard Life's intranet content, including Lotus Notes, as well as HTML and non-HTML documents. Verity was also chosen for the accuracy of its summaries. A lot of Standard Life's content is lengthy financial documents and Verity will help to summarize these so workers don't waste time reading through documents they don't need.
"Organizations that value their intellectual capital are looking for technology that can support users and realize the full potential of the information they have," says Simon Atkinson, UK managing director for Verity GB Ltd. "Standard Life is leading the way in the financial sector by enabling its workers and giving them the tools they need to service their customers better."
About Verity
Headquartered in Sunnyvale, California, Verity provides software that enables organizations to maximize the return on their intellectual capital investment. The company's intellectual capital management (ICM) solutions provide integrated search, classification, recommendation, monitoring and analytics across the real-time flow of enterprise information, along with question and answer interfaces for effective online self-service. Other Verity ICM solutions capture content and drive automated business processes. Verity technology also serves as a core component of more than 260 applications from leading independent software vendors.
Verity software solutions are used by more than 11,500 customers in the private and public sectors. Customers include American Express, AT&T, Bristol-Myers Squibb, Cap Gemini Ernst & Young, Cardinal Health, Cisco Systems, EMC Documentum, Dow Jones, Financial Times, Hewlett-Packard, Home Depot, Lotus, Kaiser Permanente, META Group, SAP, Siemens, the State of California, Stellent, Sybase, the U.S. Departments of Energy and Justice, and the U.S. Army.
This press release contains forward-looking statements relating to Verity, Standard Life's implementation of Verity K2E's additional functionalities on the company's intranet site, as well as the expected benefits Standard Life will receive from utilizing Verity K2 Enterprise. Actual results are subject to risks and uncertainties, including the risk that integration of the Verity technology into Standard Life's intranet site will not occur as anticipated as a result of unforeseen technical difficulties; and Standard Life may choose to implement Verity K2 Enterprise differently or on a different timeline than Verity or Standard Life currently anticipates. These and other risks relating to Verity and its business and products are set forth under the caption "Risks Relating to Our Operations" in Item 2 of Verity's Form 10-Q filed with the Securities and Exchange Commission on April 12, 2004.
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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