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LeadingSide, Inc. Sells Search and Retrieval Product Business to Open Text Corporation.

Business/Technology Editors

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Nov. 22, 2000

$5 Million Transaction of Cash and Assumed Liabilities Helps

Both Companies Solidify Their Business Strategies

LeadingSide, Inc. (NASDAQ: LDSD), a leading provider of e-business solutions, announced today that it has sold its remaining search and retrieval technology product assets to Open Text Corporation (NASDAQ: OTEX), Waterloo, Ontario, Canada, for $3 million in cash plus assumed liabilities. Open Text is a worldwide leader of collaborative commerce software for e-business.

The product lines being transferred include BRS/Search, InQuery and QueryServer. The transfer also includes intellectual property, a patent portfolio, customer agreements and approximately 40 product-related staff. LeadingSide will retain accounts receivables. This transaction completes the transition of LeadingSide (formerly Dataware Technologies, Inc.) to a focused provider of knowledge-driven e-business solutions. The two parties are also entering into a worldwide affinity partnership for the delivery of Open Text's Livelink solutions.

According to David Mahoney, CEO of LeadingSide, "The sale of our search and retrieval product business is a win-win situation. It completes LeadingSide's transition to the services space, provides our company with additional equity and a valuable new partnership, and reduces LeadingSide's operating expenses. In addition, it allows our product-focused employees to continue working for an industry leader and assures that our past product customers will receive excellent service and support from Open Text, a premier product company."

Tom Jenkins, Chief Executive Officer of Open Text noted, "The purchase of the BRS and InQuery products will greatly strengthen Open Text's knowledge management products within our Livelink product family. It also continues our growth strategy and commitment to providing world-class products in collaborative commerce."

About LeadingSide, Inc.

LeadingSide is an e-business solutions provider that designs, develops and deploys knowledge-driven solutions to Global 2000 companies in the financial services, pharmaceuticals, telecommunications, media, high tech and professional services industries. The company's core strength lies in its ability to create strategic e-business solutions that leverage the considerable intellectual capital embedded in the terabytes of structured and unstructured business content that companies create and access every day. The company is headquartered in Cambridge, Massachusetts, with offices throughout North America, Europe, and Asia. For more information, visit www.leadingside.com, or call 617.577.2400 (in the U.S.) or 44-(0)-1895-827200 (outside the U.S.).

About Open Text Corporation

Open Text has pioneered the development of innovative intranet and extranet e-business applications. Since creating one of the first search engines to index the World Wide Web, the Company has remained at the forefront of Internet-based technologies. Its product family called Livelink enables individuals, teams, organizations, and global trading communities to collaborate on e-business applications that facilitate e-commerce and other transactions among Global 2000 organizations. Open Text has become one of the largest providers of Web based collaboration for e-business applications for e-communities of all types from intranets to extranets and public groups. The Livelink product family has installations in 31 countries, speaking 12 languages throughout the world. For more information, visit http://www.opentext.com.
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Publication:Business Wire
Date:Nov 22, 2000
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