Seagull Software Signs Letter of Intent to Acquire Farabi Assets28 February 2006
Seagull Software (Euronext: SEAGULL) announced today that it has executed a letter of intent to acquire certain assets of Montreal, Canada-based Farabi Technology Corporation including all software products and intellectual property, the Farabi brand name and the company's installed base of customers.
"We continuously seek opportunities to enhance shareholder and customer value through expanding our geographic reach, product portfolio and customer base," said Don Addington, Seagull Software CEO and President. "Farabi Technology has been a highly respected emulation and integration software company since 1987. This combination is expected to expand Seagull Software's presence in Canada and the Middle East, add over 200 customers to our installed base and give us additional .NET technology and expertise."
Farabi Technology customers are located primarily in Canada, the Middle East and the U.S. and include the National Bank of Canada, Continental Airlines, and Saudi Airlines. In addition, Farabi has a significant market share in the government and banking sectors in the Middle East Gulf region.
Michel Kassar, President of Farabi Technology, said "We are extremely excited by the opportunity to combine our market footprint with Seagull Software's presence in the United States and Europe. We also see great opportunities for ongoing technology innovation as we bring together two deeply experienced organizations."
Plans include maintaining Farabi Technology's Montreal development lab and sales office, and expanding the strong relationship with its Middle East distributor to include Seagull Software's LegaSuite products. Closing of the transaction is anticipated to occur within one month, subject to completion of certain closing conditions and the definitive purchase agreement.
About Seagull Software
Seagull Software specializes in technology that transforms "legacy" applications into SOA-compliant Web services, helping enterprises achieve exponentially faster IT support for business change, governance and compliance. Our LegaSuite(R) software platform includes integration, GUI, BPM and terminal emulation technology. With LegaSuite, customers connect legacy applications on IBM mainframe, ICL mainframe, iSeries, UNIX/VT and Windows client/server platforms to the Web, to other middleware and to newer- generations of applications such as portals, CRM and SCM. LegaSuite is based on open standards including Web services, XML, J2EE and .NET. Powerful and innovative tools require no coding, which means rapid results, reduced risk and no maintenance burden. Committed to providing the best customer experience in the industry, Seagull Software's technology is in use in more than 8,000 business and government organizations worldwide, and by millions of end users. Seagull Software has direct operations in the United States, the Netherlands, UK, France, Germany and Australia, supplemented by distributors serving approximately 30 additional countries. For more information, visit http://www.seagullsoftware.com.
Forward-Looking Information: All statements in this press release which address operating performance, events or developments that we expect or anticipate will occur in the future, including statements expressing general optimism about future operating results and non-historical information, are forward-looking statements. These forward-looking statements are, and will be, based on management's then-current views and assumptions regarding future events and operating performance. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not necessarily limited to management's ability to manage growth, and hire and retain qualified employees; unpredictable customer demand; intense competition; rapid technological change; unpredictable market acceptance of new products; and market instability and/or reduction in software purchasing caused by exceptional circumstances.
Source: prnewswire
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