Business Services Industry
California Software Details Acquisition
Business Wire, June 13, 2000
Business/Technology Editors
IRVINE, Calif.--(BUSINESS WIRE)--June 13, 2000
California Software Corporation (OTC BB:CAWC), a leader in IBM Midrange migration products and developer of the award-winning BABY(TM) product line, has signed a definitive agreement to acquire Hotel Information Systems (HIS), the market leader in Hospitality software products, for stock at a price that is slightly less than one times revenue.
Bruce Acacio, Chairman of California Software Corporation, stated, "This accretive agreement allows California Software to more than double in size and move rapidly with its strategy to grow through acquisition. With the addition of HIS, we expect to more than double sales volume to achieve gross revenues of approximately $45 million in Y2K with continued profitability."
"HIS is a substantial addition to the California Software Corporation family, opening new markets to us and making the Company considerably larger than our nearest competitor," stated Kate Tague, Marketing/Communications for California Software Corporation.
California Software Corporation is in the ideal position to capitalize on its technology leadership and HIS' leading market position.
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.
For additional information, see www.californiasoftware.com
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