Dataware Technologies Acquires Major UK Text Retrieval Company; Status/IQ Consolidates Leadership Position in UK Market.CAMBRIDGE, Mass.--(BUSINESS WIRE)--April 1, 1996--Dataware Technologies, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DWTI DWTI Dienst voor Wetenschappelijke en Technische Informatie (Belgium) ) announces the acquisition of Status/IQ Limited, based in Abingdon, near Oxford, UK. Status/IQ specializes in the development of client/server software used to manage and deliver sophisticated databases containing large amounts of text and graphics. The acquisition creates the largest UK software and services company for text management and retrieval applications. In a purchase transaction, Dataware will acquire all of the outstanding shares of Status/IQ from private investors in exchange for approximately $1,200,000 (including acquisition-related expenses) consisting of cash, common stock, and warrants to purchase additional common stock of Dataware Technologies. Status/IQ recorded $2.3 million in revenue in 1995. Status/IQ was formed in 1987 to market software tools developed by the UK Atomic Energy atomic energy: see nuclear energy. Authority, one of the UK's leading research establishments. In the UK alone, 250 organizations are active users of Status/IQ. The customer base includes many of the UK's government departments -- Inland Revenue Inland Revenue Noun (in Britain and New Zealand) a government department that collects major direct taxes, such as income tax Noun 1. , the Ministry of Agriculture, Fisheries and Food The Ministry of Agriculture, Fisheries and Food was a United Kingdom government department created by the Board of Agriculture Act 1889 and at that time called the Board of Agriculture. , and the Bank of England Bank of England, central bank and note-issuing institution of Great Britain. Popularly known as the Old Lady of Threadneedle Street, its main office stands on the street of that name in London. . Among Status/IQ's commercial customers are Cadbury, Freshfields (a leading UK law firm), and Abbey National (one of the major UK banks). Status/IQ's software also provides UK police forces with the software applications to manage large-scale criminal investigations, force intelligence, and press communications. Integration partners include Bull, Logica, 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) , Siemens-Nixdorf, and McDonnell Information Systems. "The combination of these talents and technology makes our position unmatched in the UK," comments Kurt Mueller, 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 Dataware Technologies. "Integrating the strengths of our BRS/Search and Status/IQ products presents exciting prospects for the worldwide customer bases of both product lines." Dataware and Status/IQ will integrate their respective UK operations. Jim Tuck, General Manager of Status/IQ, has been named General Manager of Dataware Technologies UK. Tuck reports to Graham Seddon, Dataware Technologies' North European Manager. The purchase price will be allocated to the assets and liabilities of Status/IQ based on their estimated respective fair values. Some portion of the excess purchase price over the fair value of net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. acquired will be allocated to purchased research and development, and charged to operations. Dataware Technologies, Inc. (NASDAQ: DWTI) develops and markets software for the new information age. Dataware's innovative software products and solutions enable customers to manage and distribute a wide variety of information via the Internet, CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). , enterprise networks, commercial online services, print-on-demand, and combinations of these media. Today, Dataware's software is used by more than 2,000 organizations worldwide -- including publishers, corporations, government agencies, professional firms, and educational institutions -- serving over 400,000 end-users in more than 20 countries. The Company's growth strategy emphasizes technology and market leadership, extensive customer service, global distribution, and selective acquisitions. -0- Dataware, BRS/Search, and Status/IQ are trademarks or registered trademarks owned by Dataware Technologies, Inc. Other company or product names mentioned in this press release may be trademarks or registered trademarks of their respective owners, and are hereby acknowledged. CONTACT: Ken Coleman, kcoleman@dataware.com Ann Hawkins, ahawkins@dataware.com (617) 621-0820 Home Page: http://www.dataware.com |
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