Combination to Create the Multi-Platform Portal Leader SAN JOSE,
Calif., and SAN FRANCISCO, Aug. 22 /PRNewswire-FirstCall/ -- BEA
Systems, Inc. (NASDAQ:BEAS), and Plumtree Software, Inc.
(NASDAQ:PLUM), today announced that the companies have entered into
a definitive agreement under which BEA will acquire Plumtree for
approximately USD$200 million in cash. Plumtree Software provides
enterprise portal solutions to connect disparate work groups, IT
systems and business processes. Its portfolio features the
industry's only cross-platform portal, running on both J2EE and
.Net. By combining the Plumtree and BEA portal portfolios, BEA will
be able to better provide customers with improved enterprise
productivity by offering both collaborative and transactional
portals across multiple platforms and application servers. "The
Portal is becoming the major point of integration in the
enterprise," said Alfred Chuang, chairman and chief executive
officer, BEA Systems, Inc. "Customers will benefit from the
powerful combination of BEA as the leader in portal, application
and service infrastructure, and Plumtree, as the leader in portal
and collaboration software. The acquisition of the Plumtree
portfolio will make BEA the leading provider of the most open,
extensible and standards-based J2EE, .Net and Service-Oriented
platform in the industry." Under terms of the agreement, BEA will
pay USD$5.50 per share, in cash, plus the assumption of outstanding
Plumtree options, for a total transaction value of approximately
USD$200 million. The acquisition is subject to regulatory approval,
Plumtree shareholder approval and other customary closing
conditions. The transaction is expected to close in the fall of
calendar year 2005. Upon close of the transaction, Plumtree will
become a part of a new BEA product unit. BEA Chief Technology
Officer and Executive Vice President, Mark Carges, and Plumtree
Software Chief Executive Officer, John Kunze, will lead the
transition. Headquartered in San Francisco, Plumtree was founded in
1996 and has approximately 400 employees. Plumtree has more than 21
million worldwide users and more than 700 customers, including
Airbus, Ford, Pratt & Whitney, Starbucks and the U.S. Navy.
"Plumtree's core competency is cross-platform enterprise
connectivity and productivity. We give people a place to
collaborate and a face to their enterprise business processes or
composite services," said Kunze. "BEA's 'Think liquid.' vision is
powerful and completely aligned with the longstanding culture and
aspirations of our team. We're excited about becoming a part of the
BEA team." The management teams of both companies will host a
financial analyst and investor conference call today at 2:00 p.m.
PDT. The call can be accessed at (888) 810-4232 (U.S.) or
706-634-8069 (International). The conference call will also be
webcast at http://www.bea.com/ . For those unable to listen to the
live conference call, a telephone replay will be available at
800-642-1687 or 706-645-9291 (reference code 8946018), through Oct.
22, 2005. About BEA Systems, Inc. BEA Systems, Inc. is a world
leader in enterprise infrastructure software, providing
standards-based platforms to accelerate the secure flow of
information and services. BEA product lines -- WebLogic(R),
Tuxedo(R), JRockit(R) and the new AquaLogic(TM) family of Service
Infrastructure -- help customers reduce IT complexity and
successfully deploy Service-Oriented Architectures to improve
business agility and efficiency. For more information, please visit
at bea.com. About Plumtree Software, Inc. Plumtree Software is a
technology leader, providing enterprise solutions to bridge
disparate work groups, IT systems and business processes with its
cross-platform portal. Plumtree Software continues to innovate,
offering rich service-oriented environments to deliver composite
applications that give customers the freedom and flexibility to
support advanced user needs and business processes. Plumtree
Software's solutions provide significant business value to more
than 21 million users worldwide. Customers include Airbus, Mazda,
Pratt & Whitney and U.S. Navy. For more information, visit
http://www.plumtree.com/. Legal Notice Regarding Forward-Looking
Statements Statements in this press release that are not of
historical fact are forward-looking statements, including any
statements regarding the plans, goals, strategies, focus,
opportunities and objectives for our future operations, business or
markets. Statements that include the use of terminology such as
"may," "will," "expects," "plans," "anticipates," "estimates,"
"continue," "predict," "growth," "investment," "commitment" or
other comparable terminology, are also forward-looking statements.
This press release includes forward-looking statements that involve
risks and uncertainties, including statements regarding BEA's
ability to better provide customers to improved enterprise
productivity; customers benefiting from the combination of BEA and
Plumtree; the acquisition resulting in BEA as the leading provider
of the most open, extensible and standards-based J2EE, .Net and
Service-Oriented platform in the industry; the expectation that
Mark Carges and John Kunze will lead the transition; and the
expectation that the merger will close in the Fall of calendar year
2005. Risks, uncertainties and assumptions include the possibility
that the markets the products and services addressed by BEA and
Plumtree may not develop as expected; that development of these
products and services may not proceed as planned; that the merger
does not close due to a material adverse change or effect in the
business of Plumtree as specified in the merger documents; that the
merger does not close due to the failure of any of the closing
conditions to occur, such as the failure to achieve regulatory
approval or the requisite shareholder vote; the risk that the
companies may be required to modify aspects of the transaction to
achieve regulatory approval, which modifications could adversely
impact the benefits of the acquisition to BEA, Plumtree and their
respective customers; the risk that changes to the markets and
related technologies addressed by the merger could adversely impact
the benefits of the merger to BEA, Plumtree and their respective
customers; the risk that that prior to the closing of the proposed
merger, the businesses of the companies suffer due to uncertainty
resulting from the planned acquisition; the risk that BEA and
Plumtree are unable to successfully execute their integration
strategies or achieve planned synergies; other risks that are
described from time to time in BEA Systems' and Plumtree's
Securities and Exchange Commission reports (including, but not
limited to those factors detailed the section entitled "Risk
Factors That May Impact Future Operating Results" on pages 32
through 45 of BEA's report on Form 10-Q for the fiscal quarter
ended July 31, 2005, and "Risk Factors that May Affect Our Future
Results and the Market Price of Our Stock" on pages 24 through 37
of Plumtree's report on Form 10-Q for the fiscal quarter ended June
30, 2005, and similar disclosures in subsequent BEA and Plumtree
SEC filings). If any of these risks or uncertainties materializes
or any of these assumptions proves incorrect, BEA's or Plumtree's
results could differ materially from BEA's or Plumtree's
expectations in these statements. Forward looking statements and
risk factors are made as of information available to us today. BEA
and Plumtree disclaim any obligation to update these forward
looking statements. Additional Information and Where to Find It
Plumtree has agreed to file a proxy statement in connection with
the proposed acquisition with the Securities and Exchange
Commission (the "SEC"). Investors and shareholders are urged to
read the proxy statement and such other materials when they become
available because they will contain important information about
Plumtree Software and the proposed transaction. The proxy statement
will be mailed to the stockholders of Plumtree. Investors and
security holders may obtain free copies of these documents (when
they are available) and other documents filed with the SEC at the
SEC's web site at http://www.sec.gov/. In addition, investors and
security holders may obtain free copies of the documents filed with
the SEC by going to Plumtree's Investor Relations page on its
corporate website at http://www.plumtree.com/. In addition,
Plumtree and its officers and directors may be deemed to be
participants in the solicitation of proxies from Plumtree's
stockholders with respect to the acquisition. A description of any
interests that Plumtree's officers and directors have in the
acquisition will be available in the proxy statement. In addition,
BEA may be deemed to be participating in the solicitation of
proxies from Plumtree's stockholders in favor of the approval of
the acquisition. Information concerning BEA's directors and
executive officers is set forth in BEA's proxy statements for its
2005 annual meeting of stockholders, which was filed with the SEC
on May 16, 2005, and annual report on Form 10-K filed with the SEC
on April 18, 2005. These documents are available free of charge at
the SEC's web site at http://www.sec.gov/ or by going to BEA's
Investor Relations page on its corporate website at
http://www.bea.com/. NOTE: BEA, Built on BEA, Jolt, Joltbeans,
Steelthread, Top End, Tuxedo, BEA WebLogic Server, BEA Liquid Data
for WebLogic, and WebLogic are registered trademarks of BEA
Systems, Inc. BEA AquaLogic, BEA AquaLogic Data Services Platform,
BEA AquaLogic Enterprise Security, BEA AquaLogic Service Bus, BEA
dev2dev Subscriptions, BEA eLink, BEA MessageQ, BEA WebLogic
Communications Platform, BEA WebLogic Enterprise, BEA WebLogic
Enterprise Platform, BEA WebLogic Enterprise Security, BEA WebLogic
Express, BEA WebLogic Integration, BEA WebLogic Java Adapter for
Mainframe, BEA WebLogic JDriver, BEA WebLogic Log Central, BEA
WebLogic Network Gatekeeper, BEA WebLogic Platform, BEA WebLogic
Portal, BEA JRockit, BEA WebLogic SIP Server, BEA WebLogic
WorkGroup Edition, and BEA WebLogic Workshop are trademarks of BEA
Systems, Inc. BEA Mission Critical Support is a service mark of BEA
Systems, Inc. All other company and product names may be the
subject of intellectual property rights reserved by third parties.
Plumtree is a registered trademark of Plumtree Software, Inc.
and/or its subsidiaries in the U.S. and/or other countries. All
other registered and unregistered trademarks in this document are
the sole property of their respective owners. DATASOURCE: BEA
Systems, Inc. CONTACT: Media and Industry Analyst, May Petry,
+1-408-570-8704, or , or Financial, Kevin Faulkner,
+1-408-570-8293, or , all of BEA Systems, Inc. Web site:
http://www.plumtree.com/ Web site: http://www.bea.com/
Copyright
Plumtree (NASDAQ:PLUM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Plumtree (NASDAQ:PLUM)
Historical Stock Chart
From Jul 2023 to Jul 2024