Over 180 Technology M&A Transactions since 1998
50+ Years of Operational Expertise Across Managing Partners
Expands Ability to Deliver Standards-Based eBusiness Solutions
BILLERICA, Mass.–(BUSINESS WIRE)–Dec. 6, 2000–SilverStream Software, Inc. (NASDAQ: SSSW – news), The eBusiness Platform Company, today announced that it has acquired Bondi Software, Inc., an eBusiness services company. The addition of Bondi expands SilverStream’s ability to deliver eBusiness solutions through its own organization and a growing list of premier, global partners such as Cap Gemini Ernst & Young, Deloitte & Touche, One, Inc., Exodus, Quidnunc and others. The transaction will be accounted as a purchase transaction and is expected to be accretive to earnings.
“Bondi is a top-quality organization with strong skills in standards-based Web development across multiple application servers,” said Dave Litwack, president and CEO, SilverStream Software, Inc. “They will play a key role helping SilverStream serve customers and meet the needs of our global Systems Integrator channel by providing increased support and training.”
“Bondi has always provided world-class eBusiness solutions and our strategy of using standards-based platforms meshes perfectly with SilverStream’s eBusiness Platform,” said Brad Cooley, CEO, Bondi Software, Inc. “Our in-depth experience with the SilverStream eBusiness Platform will help our combined companies deliver a wide range of complete eBusiness solutions to the global market.”
SilverStream’s eBusiness platform provides its customers with a complete solution for building and deploying e-business applications, for managing customer relationships and transacting business online. SilverStream’s eBusiness platform is built atop a Java(TM) 2 Enterprise Edition-based application server and backed by a comprehensive services organization reinforced through the acquisition of Bondi Software. Bondi Software has extensive experience and expertise implementing eBusiness solutions using Java(TM) 2 Enterprise Edition (J2EE) standards on commercial application servers such as BEA WebLogic, IBM WebSphere and the SilverStream Application Server. SilverStream Software is one of the only software vendors providing expanded capabilities for delivering eBusiness solutions that run on commercially available J2EE application servers.
“SilverStream has worked closely with Bondi for several years to deliver on a number of key eBusiness projects with some of our most strategic customers in North America,” said Diane Gordon, vice president, customer services, SilverStream Software. “The acquisition of Bondi Software will help expand the scope and reach of SilverStream’s eBusiness services and support capabilities. Bondi’s J2EE and WebLogic expertise broadens our ability to deliver to customers eBusiness solutions that run on application servers from other application server vendors. Bondi will play a key role – offering best-in-class teams, leading eBusiness technology expertise, and methodologies.”
Further information on the acquisition was made available from Craig Dynes, SilverStream’s chief financial officer: “Financially, this acquisition by SilverStream falls below the SEC’s tests of materiality so SilverStream will not be filing a Current Report on Form 8-K. The transaction will be accounted for as a purchase and, given that it is December, there will be no material impact on the current quarter. In 2001, we expect the acquisition to be accretive since Bondi is already profitable. In addition, we expect positive sales synergies since Bondi will add sales presence in new territories such as North Carolina’s Research Triangle Park, as well as strengthening SilverStream’s presence in cities like Denver, New York and Atlanta. In addition, Bondi’s cross application server experience and customer base can provide sales leverage for our ePortal and xCommerce products, which will run on multiple application servers. Finally, there should be few issues regarding integration with Bondi since there are minimal overlaps between the organizations, no product or distribution conflicts and the organizations have already been working together for years.”
About Bondi Software, Inc.
Founded in 1998, Bondi Software combines strategy, creative design, and standards-based technology architectures to deliver sophisticated eBusiness solutions to Fortune 1000 and emerging eBusinesses. Bondi’s proprietary WebDM methodology ensures that the right solution is delivered with accountability and success.
About SilverStream Software, Inc.
SilverStream Software, Inc., The eBusiness Platform Company, delivers software and services that enable businesses to create, deploy and manage eBusiness applications. Used in corporations throughout the world, SilverStream Software products are changing the way business is being conducted in Global 2000 companies and large organizations such as ADC Telecommunications, Amerisure Insurance, Home Depot, the Chicago Stock Exchange, Samsung Electronics, Sears, Qwest Communications and US Cellular.
SilverStream Software, http://www.silverstream.com, is publicly traded on the NASDAQ national market under the symbol SSSW and is based in Billerica, Massachusetts.
About DecisionPoint
DecisionPoint is a global leader in M&A advisory services for middle-market technology companies in the services, software, and communication sectors. For additional information on DecisionPoint, visit www.DecisionPointINT.com.
For further information, contact: Doug Ellis, Managing Partner; (704) 916-9070; DEllis@DecisionPointINT.com.