This isn't particularly earth-shaking news, except that the purchase was made by my employer. Weee!!
Sybase Solidifies Mobile and Wireless Leadership with Acquisition of AvantGo
Sybase, Inc. signed an agreement to acquire AvantGo, Inc., a leading provider of mobile enterprise software. The company will operate AvantGo under its iAnywhere Solutions subsidiary.
- Cash transaction valued at approximately $38 million
- Positions iAnywhere Solutions as the leader in the mobile middleware market
- Extends iAnywhere Solutions strengths in the wireless market and opens new opportunities for mobilizing Web content
DUBLIN, Calif. and HAYWARD, Calif. December 20, 2002 Sybase, Inc. (NYSE: SY), a leading enterprise infrastructure and integration company, and AvantGo, Inc. (NASDAQ: AVGO), a leading provider of mobile enterprise software, today announced that they have signed a definitive agreement for Sybase to acquire AvantGo in a cash merger valued at approximately $38 million. Sybase intends to operate AvantGo under its iAnywhere Solutions subsidiary. The acquisition is expected to be completed during the first quarter of 2003.
The acquisition of AvantGo positions iAnywhere Solutions as the leading player in the mobile middleware market by combining both companies market presence and award-winning technologies. It also expands iAnywhere Solutions reach into new wireless opportunities with the addition of AvantGos offline Web capabilities and My AvantGo service to the companys portfolio. Together, iAnywhere Solutions with AvantGo will be able to offer an end-to-end m-Business platform unrivaled in the industry addressing enterprise mobility of Web content, corporate data and applications.
This acquisition teams the common vision and technologies of two m-Business leaders, said Terry Stepien, president, iAnywhere Solutions. Building on our mobile database leadership, this union will enable iAnywhere Solutions to fuel new growth and pioneer innovative solutions in the emerging mobile middleware market.
We are impressed by the commitment of the Sybase and iAnywhere Solutions management teams to drive opportunities for our mobile enterprise products and the My AvantGo service around the world, said David Pratt, president and CEO, AvantGo. We believe there is a strong future for our products, customers, partners and employees with Sybases significant global strength and resources.
Todays announcement is an important part of iAnywhere Solutions strategic plans to fuel new growth in the mobile and wireless arena, said John Chen, chairman, president and CEO, Sybase. I am excited by the opportunities of the new combined entity, and am confident in iAnywhere Solutions ability to execute on its strategy to drive future growth.
Following the completion of the acquisition, iAnywhere Solutions plans to:
- Open iAnywhere Solutions leading mobile database to a new audience enterprise Web developers.
- Expand the global enterprise reach of AvantGos products and applications through Sybases worldwide channels and robust partner base of more than 700 embedded database partners.
- Build on the momentum and brand awareness of the My AvantGo service, which currently has more than seven million registered users.
The acquisition is subject to customary closing conditions, including approval of AvantGos stockholders. All executive officers and board members and certain affiliates holding approximately 25% of AvantGos outstanding shares have entered into agreements with Sybase to vote their shares in support of the merger.
About Sybase, Inc.
Sybase pioneers software that integrates platforms, databases and applications. Sybase solutions create Information Liquidity transforming data into economic value. With Sybase, companies can attain maximum value from their data assets by getting the right information to the right people at the right time. For more information, visit the Sybase Web site: http://www.sybase.com.
About iAnywhere Solutions
iAnywhere Solutions, Inc. is the market-leading provider of mobile, embedded and workgroup databases and mobile middleware solutions that enable anywhere, anytime access to enterprise information. There are more than seven million seats of iAnywhere Solutions technology at work in over 10,000 customer sites worldwide. iAnywhere Solutions is a subsidiary of Sybase, Inc. (NYSE: SY). Visit www.ianywhere.com for more information.
About AvantGo, Inc.
AvantGo (NASDAQ: AVGO) is a leading provider of mobile enterprise software. AvantGo delivers mobile customer relationship management (CRM) solutions that unlock return on investment of popular CRM/SFA systems by driving adoption, and mobile data collection solutions that improve field productivity and data accuracy. AvantGos mobile solutions, which are built on the companys award-winning enterprise mobile software platform, can be deployed within an enterprise or delivered through the hosted My AvantGo service, which has more than seven million registered users. Currently, AvantGos customers comprise 38 of the Fortune 100, including McKesson Corporation, Ford Motor Company, Cisco, FedEx and CNN.