Commerce One Completes Acquisition of AppNet; Creates First Fully Integrated Technology and Services Company with Faster Time to Market and Broader E-Business Solutions.Business Editors/High-Tech Writers PLEASANTON, Calif.--(BUSINESS WIRE) Sept. 14, 2000-Commerce One, Inc. (Nasdaq:CMRC CMRC Canadian Motosport Racing Club CMRC Commerce One Inc. (stock symbol) CMRC Caribbean Marine Research Center CMRC Crime Mapping Research Center CMRC Credit Management Research Centre (UK) ), the leader in global e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. solutions for business, today announced it has completed its acquisition of AppNet, Inc., a premier provider of end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . AppNets comprehensive services capabilities, combined with those of Commerce One systems integration partners, is expected to dramatically increase Commerce Ones ability to rapidly bring e-marketplaces online. It is anticipated that the AppNet acquisition will reduce the time to liquidity for e-marketplaces, accelerate supplier adoption, and drive greater business functionality through in-depth supply chain integration. The acquisition was structured as a tax-free, stock-for-stock exchange, and will be accounted for as a purchase transaction. Commerce One issued 0.8 shares of stock for each outstanding share of AppNet, and assumed all outstanding stock options and other rights to acquire AppNet Common Stock. Based upon the stock price at deal closing, the acquisition is valued at approximately $2 billion. The development and implementation of e-marketplaces and exchanges requires significant strategy, Web design and top-level project management, which are the strengths of AppNet, said Mark Hoffman, chairman 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 Commerce One. AppNets world-class Internet professional services organization, combined with the service delivery capabilities of Commerce Ones strategic partners, will enable us to rapidly meet the requirements of our customers. AppNet and Commerce One, via their global alliance agreement, are already collaborating on more than a dozen joint customer efforts, including the following mega exchanges: Pantellos, Exostar, Trade-Ranger, Covisint, and the recently announced Metals and Mining exchange, a joint customer who has also selected SAPMarkets. AppNet is very excited to now become Commerce One Global Services, said Ken Bajaj, president of Commerce One Global Services and former chairman and CEO of AppNet. We are dedicated to providing comprehensive e-business services to create the worlds most innovative e-marketplaces. Combined Force A military force composed of elements of two or more allied nations. See also force(s). Strengthens Market Leadership As of closing day, the AppNet acquisition enables Commerce One to offer the industrys most complete e-marketplace solution, including a broad range of products and services. AppNets customer base is composed of approximately 80 percent business-to-business clients, with approximately 90 percent being Fortune 1000 companies and approximately 30 percent in e-marketplaces, which is highly complementary to Commerce Ones client base. The combined organization represents an increase in capabilities and market coverage, with 44 offices in 32 countries on six continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. , and more than 2,900 total employees worldwide. About Commerce One Commerce One (Nasdaq:CMRC) is the leader in global e-commerce solutions for business. Through its products, portals and services, Commerce One creates access to worldwide markets, allowing anyone to buy from anyone, anytime, anywhere. The Commerce One Global Trading Web is the world's largest business-to-business trading community. Comprised of many e-marketplaces, the Global Trading Web provides unprecedented economies of scale for buying organizations, suppliers and service providers worldwide. Commerce One is located in Pleasanton, Calif. Additional information about the company may be found at www.commerceone.com. The foregoing paragraphs include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include statements concerning Commerce Ones faster time to market and broader e-business solutions, its increased ability to rapidly bring e-marketplaces online, the reduced time to liquidity for e-marketplaces, the acceleration of supplier adoption, greater business functionality through supply chain integration and the ability to rapidly meet the requirements of customers. These statements are subject to risks and uncertainties. Actual results may differ materially from those described in such statements as a result of a number of risks, including potential difficulties or delays in integrating the two companies, reallocating resources from AppNets traditional business to Commerce Ones business, retaining AppNet employees and offering the solutions that customers want, as well as general customer, supplier and employee uncertainty following the acquisition. For a discussion of these and other risks that could affect Commerce One's business, see "Risk Factors" in Commerce One's filings with the Securities and Exchange Commission, including its quarterly report on Form 10-Q Form 10-Q See 10-Q. for the quarter ended June 30, 2000. Note to Editors: Commerce One, Many Markets. One Source., Global Trading Web, GTW GTW Gateway, Inc. (stock symbol) GTW Global Trade Watch GTW Grand Trunk Western (railroad) GTW Gatwick Airport GTW Global Trading Web (Commerce One B2B-platform) , BuySite, MarketSite, Global Trading Platform, Common Business Library, XML XML in full Extensible Markup Language. Markup language developed to be a simplified and more structural version of SGML. It incorporates features of HTML (e.g., hypertext linking), but is designed to overcome some of HTML's limitations. Development Kit, XML Commerce Connector, MarketView, and SupplyOrder are either trademarks or registered trademarks of Commerce One, Inc. All other company, product, and brand names are trademarks of their respective owners. |
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