Business Services Industry
California Software Acquires HIS Software
Business Wire, June 12, 2000
Business/Technology Editors
IRVINE, Calif.--(BUSINESS WIRE)--June 12, 2000
California Software Corporation (OTC BB:CAWC), a leader in IBM Midrange migration products and developer of the award-winning BABY product line, today announced that it has signed a definitive agreement to acquire Hotel Information Systems (HIS), the market leader in Hospitality software products.
Bruce Acacio, Chairman and Chief Executive of California Software said, "The dominant market positions of California Software Corporation and Hotel Information Systems in their respective areas, as well as the shared knowledge of the IBM Midrange and server markets, will allow a stronger, larger and consolidated Company to move forward in achieving its goals of continued profitable growth."
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W. Brian Kretzmer, HIS CEO, commented, "HIS began discussions with California Software to utilize their BABY/AS 2000 and BABY/GUI products to enable existing AS/400-based software to be deployable under Windows 2000 graphically. Through these discussions, the two companies found a shared synergy and we found our development teams and business strategies complemented each other well. It seemed that a discussion of a combined entity made sense."
HIS will operate as a division of California Software Corporation. The combined operations will more than double the forecasted gross revenues for California Software in Y2K.
About California Software
California Software Corporation is the international leading provider of IBM Midrange migration software solutions marketed under the brand name BABY. These products support the migration of IBM AS/400 screens and applications into PC-LAN business environment and enjoy over 100,000 installations in 56 countries. Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1994. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party supplies, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.
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