Captaris to Acquire Oce Document Technologies
December 20 2007 - 8:30PM
PR Newswire (US)
Major Milestone in Fully Enabling Document Capture, Collaboration
and Workflow BELLEVUE, Wash., Dec. 20 /PRNewswire-FirstCall/ --
Captaris, Inc. (NASDAQ:CAPA), a leading provider of software
products that automate document-centric processes, announced today
that it has agreed to acquire Oce Document Technologies GmbH (ODT),
a provider of software and solutions for document capture, text
recognition and document classification. ODT, a wholly owned
subsidiary of the Oce Group since 2000, has approximately 180
employees and maintains its global headquarters in Constance,
Germany, and its North American office in Bethesda, Maryland. ODT
had revenue of approximately EUR 22.7 million in 2007. Under the
terms of the acquisition agreement, Captaris will acquire ODT for
approximately EUR 10.4 million in cash, net of ODT's expected cash
balance as of the closing of approximately EUR 20 million. Captaris
will also assume ODT's operating and financial liabilities,
including approximately EUR 12.1 million in future retirement and
bonus obligations. The purchase price is subject to adjustment
following the closing based on ODT's actual revenue for the year
ended November 30, 2007 and its actual cash balance as of the
closing. The transaction is expected to close in January 2008,
subject to certain closing conditions. Captaris expects the
acquisition to be accretive to earnings in 2008 excluding non-cash
charges related to purchase accounting. Updated revenue and
earnings guidance reflecting the acquisition will be provided in
the Captaris 2007 fourth quarter earnings conference call, which
will be held in February 2008. "The acquisition of ODT represents a
major milestone in our strategic direction and we believe it will
deliver substantial shareholder value," said David Anastasi,
President and CEO of Captaris. "ODT's expertise in intelligent
document recognition technologies supports our vision of fully
enabling document capture, collaboration and workflow." Anastasi
added, "We are extremely impressed with the talented team at ODT
and look forward to welcoming them to Captaris." Captaris channel
partners will benefit from this acquisition in the near term by
offering ODT's technologies integrated with Captaris products. "As
we continue to merge our technologies, Captaris customers can
expect to see advances in intelligent document routing, more
extensive character recognition, and document classification
capabilities added to Captaris RightFax and Alchemy. Our FaxPress
and Captaris Workflow customers will also benefit from having
access to these new technologies," said Paul Yantus, executive vice
president of Marketing and Product Development for Captaris. "ODT
customers and business partners will benefit through access to
Captaris strategic alliances and other technologies, and from an
increased commitment to development of ODT's RecoStar, DOKuStar,
and Single Click Entry products." About Captaris, Inc. Captaris,
Inc. is a leading provider of software products that automate
document centric business processes. Captaris specializes in
document capture, recognition, routing, workflow, and delivery.
Captaris integrated solutions provide interoperability with the
leading line of business applications and technology platforms.
Captaris products RightFax, Captaris Workflow, Alchemy and FaxPress
are distributed through a global network of leading technology
partners. Captaris customers include the entire Fortune 100 and the
majority of the Global 2000 companies. Headquartered in Bellevue,
Washington, Captaris was founded in 1982 and is publicly traded on
NASDAQ Global Market under the symbol CAPA. For more information
visit http://www.captaris.com/. About Oce Document Technologies Oce
Document Technologies GmbH is a world leader and competence partner
for input management and the optimization of business processes.
The company is also a global provider of products in the related
core technologies such as scanning, character recognition and
document interpretation. ODT products include RecoStar, DOKuStar,
Single Click Entry and ID-Star. The following are registered
trademarks and trademarks of Captaris: Captaris, Alchemy, RightFax
and Captaris Workflow. FaxPress is a trademark of Castelle.
RecoStar, DOKuStar, ID-Star and Single Click Entry are trademarks
of Oce Document Technologies GmbH. All other brand names and
trademarks are the property of their respective owners. Certain
statements in this press release are "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995, including, without limitation, statements regarding the
expected purchase price and closing date of the acquisition, the
expectation that the acquisition will be accretive to 2008 earnings
per share, the other expected benefits of the transaction and the
belief that the acquisition will deliver substantial shareholder
value. Forward-looking statements include all passages containing
verbs such as "aims," "anticipates," "believes," "estimates,"
"expects," "intends," "plans," "predicts," "projects" or "targets"
or nouns corresponding to such verbs. Forward-looking statements
also include any other passages that are primarily relevant to
expected future events or that can only be evaluated by events that
will occur in the future. Forward-looking statements are based on
the opinions and estimates of the management at the time the
statements are made and are subject to certain risks and
uncertainties that could cause actual results to differ materially
from those anticipated in the forward-looking statements. Factors
that could affect Captaris' actual results include, among others,
the risk that the transaction will not close or that the closing
may be delayed, the failure to successfully integrate ODT, its
products and employees into Captaris and achieve expected
synergies, failure to retain ODT employees, the potential failure
to maintain and expand the companies' network of dealers and
resellers or to establish and maintain strategic relationships,
inability to develop new products or product enhancements on a
timely basis, inability to protect our proprietary rights or to
operate without infringing the patents and proprietary rights of
others, and quarterly and seasonal fluctuations in operating
results. More information about factors that potentially could
cause actual results to differ from the forward looking statements
is included in Captaris' quarterly reports on Form 10-Q filed in
2007 and most recent annual report on Form 10-K filed with the
Securities and Exchange Commission. Readers are cautioned not to
place undue reliance upon these forward-looking statements that
speak only as to the date of this release. Except as required by
law, Captaris undertakes no obligation to update any
forward-looking or other statements in this press release, whether
as a result of new information, future events or otherwise.
DATASOURCE: Captaris, Inc. CONTACT: Investor Relations, Erika
Simms, Treasury Analyst of Captaris, Inc., ; or Todd Kehrli or Jim
Byers, both of MKR Group, Inc., +1-323-468-2300, , for Captaris,
Inc. Web site: http://www.captaris.com/
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