Sapient to Acquire Leading Experience-Based Research Firm E-Lab; Combination Sets the Standard for Strategies to Shape Customer Interactions on the Internet.
Sapient (NASDAQ: SAPE), an innovative e-services consultancy, today announced that is has entered into a binding letter of intent to acquire experience-based research firm, E-Lab LLC. Since 1994, E-Lab has been known for its ability to work with Fortune 500 clients to help them understand not just what people think about a product, brand or transaction but, more importantly, patterns of behavior that reveal and drive the nature of the experience.
"The Internet is fundamentally changing how companies interact with their customers, making it critical to understand and identify strategies to shape those experiences," said Jerry A. Greenberg, co-chairman and co-chief executive officer of Sapient. "With the acquisition of E-Lab, Sapient expands its unique set of capabilities to help our clients create the most satisfying and on-target experiences in the digital world."
"This combination acknowledges client demand -- and the needs of those who don't yet know to demand it -- for Internet consulting partners who do more than bolt together a back end or design a slick interface," said Bill Martorelli, vice president, the Hurwitz Group. "Enduring success on the Internet will require levels of sophistication about customer behavior that few service firms have grasped to this point."
According to E-Lab co-founder and chief executive officer Rick Robinson, the ability of Sapient to successfully integrate Studio Archetype and Adjacency into a multi-disciplinary team structure played an important role in his company's decision to become part of Sapient. "It was clear that we shared a similar view of the future, but Sapient's ability to change and adapt as it helps its clients do the same was a deciding factor," Robinson said.
According to Greenberg, when the acquisition is complete, Robinson will be named "Chief Experience Officer" of Sapient. In that role, he will be responsible for helping the company extend its thought leadership and competitive advantage in experience-based research, as well as ensuring the successful integration of this discipline into the overall Sapient One Team Methodology.
The companies expect to close the acquisition in early October. The acquisition will not have a material effect on Sapient's financial condition or results of operations.
Sapient Corporation is an innovative e-services consultancy. Through the delivery of integrated services, from digital business strategy and experience-based research through user-centered design and technology implementation, Sapient helps emerging and evolving businesses transform themselves into e-businesses. Founded in 1991, Sapient has experienced strong and consistent revenue growth in each of the last eight years. The company currently has over 1,800 employees in offices in Cambridge, Mass., the company's headquarters, as well as London, Sydney, New York, San Francisco, Chicago, Atlanta, Dallas and Los Angeles. More information on Sapient and E-Lab can be found at www.sapient.com and www.elab.com.
This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements about Sapient's planned acquisition of E-Lab, the timetable for completion of the acquisition and the future benefits Sapient expects to derive as a result of the acquisition. There are a number of factors that could cause actual results to differ materially from those indicated. Such factors include, without limitation, successful negotiation of a definitive acquisition agreement implementing the binding letter of intent signed by the parties, satisfaction of customary closing conditions, Sapient's success in integrating E-Lab with its own operations, the successful operation of E-Lab during the transition period that follows the announcement of any acquisition, and the other factors set forth in the Company's Annual Report on Form 10-K and its most recent Registration Statement on Form S-3 filed with the SEC.
Sapient is a registered trademark of Sapient Corporation and E-Lab is a servicemark of E-Lab LLC.
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|Date:||Sep 27, 1999|
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