Verity Acquires Enterprise-Ready Desktop Search Technology from 80-20 Software
Gains Proven Desktop Search that Links to Enterprise Systems
SUNNYVALE, Calif. - 2005-06-13 - 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 signing and closing of the acquisition of desktop search-related intellectual property assets from 80-20 Software Pty Ltd, a privately-held software developer based in Melbourne, Australia. Users of this enterprise-ready desktop search software include Chevron-Texaco, Intel and Siemens Business Services.
Verity purchased software that executes fast, accurate searching of all email folders and local file systems to give users one access point to information stored on their personal systems. In addition, it was designed-from-the-start to meet enterprise requirements. It includes enterprise-wide deployment, administration and control capabilities as well as compliance with most security protocols.
"Enterprise professionals have been tragically underserved by the tools available for searching for information on their own machines," said Hadley Reynolds, vice president and director of research at Delphi Group, a Perot Systems company. "With more powerful tools at the desktop arriving on the market, the challenge that remains is to meld desktop search with the enterprise search environment to create truly powerful and comprehensive search experiences for enterprise users. With this acquisition Verity is stepping up to that challenge with an approach that respects enterprise IT mandates as well as improving the desktop experience for individual professionals."
"Searching the desktop is a natural extension of enterprise search," said Anthony Bettencourt, Verity's president and chief executive officer. "The volume of email and other unstructured data residing in individual PC hard drives is increasing at the same exponential rate as we are seeing with content in repositories and enterprise applications. However, like enterprise search, desktop search is not as easy as some would have us believe.
"Most desktop search options do not provide precise connections with enterprise email and document repositories. Verity's newly acquired enterprise-level desktop search will provide a tightly integrated and high-quality interface to those enterprise applications and systems," Bettencourt continued.
The Verity-branded desktop search product is expected to become available to customers in the second half of 2005. It will be Verity's first such all-encompassing offering that tightly integrates with VerityË UltraseekË or K2 Enterprise software to allow users quick access to virtually all relevant content, regardless of where it may reside within an organization.
"Contributing factors to our purchase decision were the growing number of requests from our customers for desktop search that can integrate with existing search mechanisms and provide an integrated view of all of their content," Bettencourt said. "Acting as we have, Verity has moved in the quickest possible way to respond with a solution that we know will work in their environments; not a Web-based consumer-type product."
As part of the acquisition, Verity will absorb 80-20's desktop search engineering resources to ensure continued product development. Existing 80-20 enterprise desktop search customers will be served by Verity.
80-20 Software is exiting the Enterprise Desktop Search market in order to focus on its commitment to leadership in solutions for corporate governance, operational risk and compliance management.
About Verity
Headquarter in Sunnyvale, California, Verity provides enterprise software that enables organizations to discover, analyze and process all the information within their enterprises. The company's solutions provide integrated search, classification, recommendation, monitoring and analytics across the real-time flow of enterprise information, along with self-service Q & A. In addition, Verity's business process management and content capture solutions activate information and accelerate its flow from person to person and between systems. Verity technology also serves as a core component of more than 260 applications from leading independent software vendors.
Around the world, more than 11,500 organizations of all sizes and types rely on Verity to manage their intellectual capital. In the private sector, these include ABB, AT&T, AXA, Bristol-Myers Squibb, Capgemini, Capital One, Cisco, Deloitte Consulting, EDGAR Online, Ford, GMAC, Hewlett-Packard, Kaiser Permanente, KPMG, Mayo Foundation, PricewaterhouseCoopers, SAP, UBS and Verizon. In the public sector, customers come from all levels and branches of government, including the U.S. General Services Administration, the U.S. Air Force and Army, the U.S. Department of Defense, including the armed forces units, and the U.S. Departments of Energy and Justice. Independent software vendors that integrate Verity include EMC Documentum, FileNet, Lotus, Oracle, Stellent, TIBCO and Xerox DocuShare.
The statements in this press release regarding the benefits Verity expects it and its customers will obtain from the acquisition of 80-20 desktop search-related intellectual assets are forward-looking statements that involve risks and uncertainties that could cause actual results to differ from these forward-looking statements. Such risks and uncertainties include, without limitation: the potential difficulties and uncertainties in the assimilation of technologies, methodologies and products of 80-20 into Verity's products; the risk of loss of key personnel Verity expects to hire from 80-20; diversion of management attention from other business concerns; and the risk that the integration of the potential benefits of 80-20 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 Verity's expectations. 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 Part I of Verity's latest Form 10-Q, filed with the Securities and Exchange Commission on April 11, 2005.
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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