Leading scorecard and dashboard application distributes visibility and promotes accountability beyond the finance function and extends it throughout the enterprise
Bracknell, Berkshire, UK – January 6th , 2006 – Actuate Corporation (NASDAQ: ACTU), the world leader in Enterprise Reporting Applications, today announced that it has acquired all of the outstanding shares of capital stock of privately-held performancesoft Inc., of Toronto, Ontario, Canada, a leading provider of Performance Management Solutions software and services.
“Dashboards and scorecards are the preferred applications to deliver executive level information to manage corporate performance,” said Pete Cittadini, president and CEO of Actuate Corporation. “However, to truly achieve breakthrough corporate performance, companies must take Performance Management beyond the executive suite and the finance department. The combination of performancesoft’s leading Performance Management applications and Actuate’s Enterprise Reporting Application platform provides the best in market capabilities for distributing accountability throughout the enterprise. Our customers will now be able to quickly build and deploy rich, intuitive and easy to use dashboard and scorecard applications, offering managers at all levels the ability to drill-through from executive level information to real-time operational details, resulting in heightened management effectiveness and breakthrough corporate performance throughout the enterprise.”
“performancesoft has led the way in delivering easy to use applications that provide a holistic view of true performance resulting in the world’s most widely deployed Performance Management solution,” said Mike Tipping, president and CEO of performancesoft, Inc. “We are excited to join the Actuate organisation and proud to be able to offer our joint customers a wider range of solutions to further enhance their Performance Management initiatives.”
The acquisition was an all-cash transaction with an initial purchase price of US$16.5 million and additional contingent cash consideration of up to US$13.5 million (based on achievement of certain revenue and operating margin targets for 2006) payable in 2007 and will be accounted for under the purchase method of accounting. On a non-GAAP basis, excluding amortisation of intangibles, purchased in-process research and development costs, stock option compensation, restructuring costs and other non-recurring costs, Actuate expects the acquisition to be accretive to earnings by the fourth quarter of 2006 and approximately breakeven for the full year of 2006. Net income for 2006 will be computed using an income tax rate of 30.0%.
About Actuate Corporation
Actuate Corporation is the world leader in Enterprise Reporting Applications that ensure 100% adoption by users. Actuate's Enterprise Reporting Application Platform is the foundation on which Global 9000 organisations (companies with annual revenues greater than $1 billion) and packaged application software vendors develop intuitive, Web portal-like reporting and analytic applications that empower 100% of users with decision-making information. These applications are deployed inside and outside the firewall to improve corporate performance across a range of business functions including financial management, sales, human resource management, and customer self-service. When tested against other business intelligence products, Actuate's Enterprise Reporting Application Platform has been proven to offer industry-leading scalability and the lowest Total Cost of Ownership. Actuate has over 3,000 customers globally in a range of industries including financial services, pharmaceutica ls, insurance, and distribution services, as well as the government sector.
Founded in 1993, Actuate has headquarters in South San Francisco, Calif., and has offices worldwide. Actuate is listed on the NASDAQ exchange under the symbol ACTU. For more information on Actuate, visit the company's Web site at www.actuate.com.
About performancesoft, Inc.
Founded in 1993, performancesoft is the acknowledged leader in the Performance Management and Balanced Scorecard categories, with the richest, most intuitive and easiest to use product, and the largest number of successful deployments worldwide. Its state of the art software, practical expertise and unparalleled customer support make performancesoft the solution of choice for today’s performance driven organisations such as: American Electric Power, Bombardier, General Motors, GlaxoSmithKline, Honeywell, NSTAR, Verizon, US Federal Aviation Administration, US Navy, State of Illinois, New York State Office of General Services, County of San Diego, New York City Department of Citywide Administrative Services, US Army Corps of Engineers, Trinity Mirror, Corporation of London, Saudi German Hospitals, Liquor Control Board of Ontario, and Canadian Army, Department of National Defence, among others. For more information about performancesoft, visit the company’s Web site at www.performancesoft.com.
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