Vancouver, Canada, June 7, 2000
Pivotal's powerful combination redefines Microsoft-based eBusiness landscape
— Pivotal Corporation (Nasdaq: PVTL), The eBusiness Relationship Company, today announced that it has completed the acquisition of Exactium Ltd., a leading provider of eSelling solutions optimized for Internet and Microsoft standards, based in Atlanta, Georgia. The definitive agreement to acquire 100 percent of Exactium Ltd. was announced on April 12, 2000.
As a result of the acquisition, Exactium, which has been established as the Pivotal eSelling Division, becomes a wholly owned subsidiary of Pivotal. Exactium's operations will remain in Atlanta, Georgia and Exactium president and CEO Eli Barak, has been appointed to the position of vice president and general manager of the Pivotal eSelling Division, reporting to Norm Francis, president and CEO, Pivotal.
Under the terms of the agreement, Pivotal paid approximately US$43 million for all shares of Exactium. Pivotal issued approximately 1.1 million of its shares and paid approximately US$12 million to former shareholders of Exactium. The transaction will be accounted for as a purchase.
"The acquisition of Exactium strengthens Pivotal's position as the leading provider of Microsoft-based, revenue-generating eBusiness solutions by extending our product line to include Pivotal eSelling 2000," said Norm Francis, president and CEO, Pivotal Corporation. "This new product is a fast-track to the most advanced eSelling capabilities on the market today and a compelling choice for companies that want to offer intelligent, personalized solutions and services to their Internet customers."
Pivotal Corporation, The eBusiness Relationship Company, enables organizations, globally, to increase revenue and improve customer loyalty by providing highly scalable, Microsoft-based Internet solutions for managing relationships between customers, employees, and business partners. Pivotal's eRelationship 2000 solution provides integrated applications for eSelling, eMarketing, eCommerce, and eService, and an industrial-strength Internet platform for building and deploying personalized, intelligent Web sites for customers and business partners integrated with context-sensitive Web portals for front-office employees. Pivotal solutions are designed for Web, wireless and hosted deployment, and are provided on a flexible license, lease, or subscription basis to support a wide variety of business models.
Pivotal solutions are sold in 34 countries and available in English, French, German, Spanish, Portuguese, Swedish, Japanese and Chinese. Pivotal's worldwide customer base includes more than 800 organizations in traditional, commercial and public market sectors and the new digital economy, including KPMG, CornerDrugstore.com, Ericsson, Medpool.com, Nissan Motor Corp., HarperCollins Publishing, Deutsche Bank, Trader.com, Southern Company, Lucent Technologies, NEC, Deloitte & Touche, Principal Financial Group and Red Cross Australia.
Pivotal is a public company traded on the NASDAQ under the symbol "PVTL" and can be found on the Web at http://www.pivotal.com.
This press release contains forward-looking statements including statements about the anticipated market acceptance of the Pivotal eSelling 2000 product. These statements are based on management's current projections, beliefs and opinions at the date of this press release. Actual results could differ materially from those anticipated in these statements due to a number of risks, uncertainties and other factors, such as unanticipated difficulties in integrating Pivotal's and Exactiums's businesses, the possibility of a decline or leveling the growth of the Internet and eCommerce markets, the possibility of technical difficulties or delay in future product introductions and improvements, product pricing, the continued commitment and cooperation of IFS and the possibility that competitors will introduce new and improved products and services and the need to compete successfully with existing and new products and services offered by competitors. Pivotal undertakes no responsibility to update forward-looking statements if circumstances of management's projections, beliefs or opinions change.