Accrue Announces Transaction and Relationship with Newly-Formed Pilot Software.Business Editors/High-Tech Writers FREMONT, Calif.--(BUSINESS WIRE)--June 3, 2002 Accrue(R) Software, Inc. (Nasdaq:ACRU ACRU American Civil Rights Union ACRU Active Confirmed Registered User (eBay) ) today announced that it has completed the divestiture of certain product lines to Pilot Software Acquisition Corp. ("Pilot Software"), a new company recently formed by members of the Pilot management team and institutional investors who are not affiliated with Accrue. Jonathan D. Becher, interim President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Accrue, said, "This transaction is part of our previously announced strategy of strengthening our balance sheet, reducing expenses not related to our core business and increasing the Company's focus on Accrue G2, our highly-scalable Internet analytics solution. This relationship allows us to concentrate our resources on broadening distribution and the application functionality of Accrue G2." Pilot Software will independently develop and market the Pilot Suite of business intelligence solutions. John D'Albis, CTO (Chief Technical Officer) The executive responsible for the technical direction of an organization. See CIO and salary survey. of Pilot Software, said "We think this is a great opportunity to expand the penetration of the Pilot Suite in the business intelligence market and provide superior support to the many loyal Pilot customers, while maintaining a very close relationship with Accrue." Accrue stated that the two companies will work collaboratively to ensure a seamless transition for Pilot and Hit List customers and partners. Becher said, "This is a closely aligned partnership with the aim of increasing the value delivered to both Pilot and Accrue customers." In the transaction, Pilot Software purchased Accrue's Pilot and Hit List software product lines Software Product Lines, or software product line development, refers to engineering methods, tools and techniques for creating a collection of similar software systems from a shared set of software assets using a common means of production. , including related intellectual property, customer contracts and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. . In addition, several employees who have developed and supported these products will become employees of the new company, including John D'Albis, CTO of Accrue. Accrue received $1.5 million in cash and retained rights to use the Pilot technology within Accrue G2. Additionally, Pilot Software assumed from Accrue certain related liabilities and will provide Accrue support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services for the Pilot and Hit List technology. About Accrue Software Accrue Software is a leading provider of Internet analytics solutions that help companies worldwide understand, influence, and respond to Internet customer behavior. Accrue's products enable companies to increase the effectiveness of Internet marketing See Internet advertising. and merchandising initiatives, better manage customer interactions across multiple channels, and streamline business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets . With Accrue's solutions, companies transform volumes of complex Internet data into actionable information that executives and managers use to drive key business decisions and improve the return on their Internet investment. Accrue serves industry leaders worldwide, including Citicorp, Deutsche Telekom Dow Jones & Company, Eastman Kodak, Lands' End, Macy's and Lycos Europe. Accrue Software was founded in 1996 and is headquartered in Fremont, Calif., with international headquarters in Cologne, Germany. Accrue has strategic application and platform partnerships with leading technology companies such as IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Oracle, Sun Microsystems, BroadVision, ATG ATG antithymocyte globulin. lymphocyte immune globulin (antithymocyte globulin equine, ATG, ATG equine, LIG) Atgam Pharmacologic class: Immunoglobulin Therapeutic class: Immunosuppressant , DoubleClick, and Vignette. Accrue Software can be reached at 1-888-4ACCRUE or 510/580-4500 and at www.accrue.com. Accrue, Accrue G2, and Accrue Insight are trademarks of Accrue Software, Inc. All other trademarks are the sole property of their respective owners. |
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