SOURCE: Versata

February 25, 2008 17:00 ET

Versata Enterprises Acquires NUVO

OTTAWA and AUSTIN, TX--(Marketwire - February 25, 2008) - Privately held Versata Enterprises, Inc., a wholly owned subsidiary of Trilogy, Inc., and NUVO Network Management Inc. today announced the acquisition of NUVO by Versata pursuant to a plan of arrangement following the approval of the transaction by the shareholders of NUVO and final court approval. Versata acquired all of NUVO's outstanding shares in an all-cash transaction valued at $0.57 per share, or approximately $17.65 million. As a result of the transaction, NUVO's stock will be de-listed from the TSX Venture Exchange (which had previously traded under the symbol: (TSX-V: NVO)).

NUVO joins the family of Versata companies, which already includes Versata Software, Versata, Inc., Artemis International Solutions, Gensym and Nextance and will continue operating as a distinct entity within Versata. Versata will introduce its market-leading Customer Success Program to NUVO customers, thus ensuring future investments align with customer priorities and a relationship based on proven and measured results.

"By joining the Versata family, we believe that NUVO will benefit from the leverage offered by a larger parent similarly focused on IT solutions," said Phil Weaver, President and CEO of NUVO. "This acquisition is expected to enable a broader set of product and services offerings for our customers and to secure a continued focus on the substantial business benefits captured by customers who deploy NUVO's IT management services."

"We are delighted to welcome NUVO to Versata. We are a customer-focused company and this acquisition will benefit both Versata and NUVO customers. For NUVO customers, our global scale and enterprise software expertise will enable us to enhance and accelerate product roadmaps and provide more options and services. For Versata customers, NUVO's expertise in network management and hosting will extend our ability to reduce overall IT cost. We look forward to working with NUVO's employees and customers to ensure a strong, customer-driven future," said Randy Jacops, CEO of Versata Enterprises.

About NUVO

NUVO provides remote management and protection of IT infrastructures for businesses worldwide to maximize the availability of their computing infrastructure. NUVO enables its customers to excel by delivering fully integrated, proactive management software, services and business data. This provides the critical information needed for effective analysis and decision-making to maximize performance and control costs. NUVO achieves this through certified experts, best-of-class technology, deep integration, highly automated processes, and best practices in a 24x7, resilient infrastructure. www.nuvo.com.

About Versata

With a global presence covering 45 countries, Versata solves the most complex business problems for the world's largest organizations. Versata comprises a number of leading enterprise solution providers, including Versata, Inc., Artemis International Solutions Corporation, Gensym Corporation and Nextance, Inc. Versata distinguishes itself in the software industry by focusing on customer priorities as driven by value delivered. Versata's market-leading Customer Success Program ensures customer involvement in product decisions and business priorities and provides a twice-yearly opportunity for customers to score Versata's performance against commitments. Versata also offers customers the opportunity to leverage Versata's global efficiency by offering a menu of services to help customers lower the cost of technology services across the enterprise. Further information is available at http://www.versata.com.

Forward-Looking Statements

This press release contains information that is forward-looking information with respect to NUVO and Versata within the meaning of Section 138.4(9) of the Ontario Securities Act (forward-looking statements) and other applicable securities laws. In some cases, forward-looking information can be identified by the use of terms such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "intend," "estimate," "predict," "potential," "continue" or the negative of theses terms or other similar expressions concerning matters that are not historical facts. In particular, statements about the acquisition of NUVO by Versata, including the benefits and synergies of the transaction, future opportunities for the combined company and products and any other statements regarding NUVO's and Versata's future expectations, beliefs, goals or prospects are or involve forward-looking information.

Forward-looking information is based on certain factors and assumptions. While NUVO considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward-looking information, by its nature necessarily involves risks and uncertainties, including the parties' ability to consummate the transaction, the conditions to the completion of the transaction, including the receipt of shareholder approval, court approval or the regulatory approvals required for the transaction may not be obtained on the terms expected or on the anticipated schedule. Additional risks and uncertainties affecting NUVO can be found in NUVO's Annual Report for the fiscal year ended September 30, 2007, in its most recent quarterly report filed on SEDAR at www.sedar.com, and in its management proxy circular dated January 16, 2008 in respect of the Versata transaction filed on SEDAR at www.sedar.com. If any of these risks or uncertainties were to materialize, or if the factors and assumptions underlying the forward-looking information were to prove incorrect, actual results could vary materially from those that are expressed or implied by the forward-looking information contained herein. Versata and NUVO assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof.

Contact Information

  • For more information, please contact:
    Carl Smith
    NUVO Network Management
    613-726-5036

    Julie Bosshart
    Versata Marketing
    512-874-3316