Local value-added distributor AmVia has confirmed the completion of Verity`s acquisition of Cardiff Software Inc. in a deal valued at approximately $50 Million. The deal is poised to deliver symbiotic benefits for the local market in the business process automation (BPA) and the intellectual capital management sectors.
Verity Inc., a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investments, and Cardiff Software Inc., a leading privately-held supplier of technology that enables the capture and automation of dynamic business information, announced a definitive agreement for Verity to acquire Cardiff late last year.
AmVia`s Chief Growth Officer, Robyn Grobbelaar says, "We are pleased with the acquisition and distributorship continuity is assured." Grobbelaar continues, "The addition of Cardiff`s content capture and business process automation (BPA) products and highly-skilled team to Verity`s broad line of intellectual capital management products will enable our customers to deploy integrated solutions that take advantage of the real-time content created during forms-driven business processes."
Cardiff products include TeleForm, LiquidCapture and LiquidOffice, a comprehensive suite that automates document capture, e-Forms and workflow-driven business processes. Verity anticipates closing the transaction in 30 to 60 days, subject to the satisfaction of customary closing conditions. The transaction is expected to be accretive in the first full quarter of combined operations to Verity`s net income on a cash EPS basis (which excludes purchase accounting adjustments).
"The success of our products has been driven by the productivity gains and cost savings they deliver to our customers and partners around the globe", said Anthony J. Bettencourt, Verity`s president and chief executive officer. "The addition of Cardiff`s products, people and partners brings Verity the ability to enable enterprises to optimize their dynamic information assets, capturing the value of interaction between documents and the business processes they represent. We view the ability to market Verity products into Cardiff`s installed base and Cardiff`s products into Verity`s, to be a tremendous opportunity to cross-sell. The breadth of the combined product offering expands our footprint in the enterprise."
Grobbelaar concludes, "The acquisition will further the return on content capture and BPA investments and will be enhanced with Verity`s commitment to world-class customer service, its long-term viability and the expertise of its development team."
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