Captaris Document Technologies to Implement Capture Technology Under German Government Contract
January 22 2008 - 6:05PM
PR Newswire (US)
Approximate $12.2 million (8.3 Million Euro) Revenue Opportunity
Underscores Value of Recently Acquired Capture Technology BELLEVUE,
Wash., Jan. 22 /PRNewswire-FirstCall/ -- Captaris, Inc.
(NASDAQ:CAPA), announced today that Captaris Document Technologies
(formerly Oce Document Technologies) has completed important steps
under a contract for the supply and maintenance of document capture
technology to the German government. Captaris Document Technologies
(CDT) has completed the installation of pilot systems in several
German states. Under the contract, CDT is working with Fujitsu
Siemens Computers GmbH to deploy CDT's software and hardware for a
key department of the German government. Thus far, CDT has secured
orders in several of the sixteen German states. Software and
hardware installation under existing orders is expected to commence
in the second half of 2008 and possibly continue into early 2009.
The total value of existing orders under the contract is
approximately $15.6 million (10.6 million Euro) of which
approximately $3.4 million (2.3 million Euro) was recognized in
2007. Captaris expects that the remaining $12.2 million (8.3
million Euro) will be recognized in late 2008 and early 2009. The
timing of revenue recognition is expected to coincide with the
installation schedules for the relevant German states. Included in
the order amount is revenue from a three year maintenance and
support agreement that begins in May of 2008. CDT is in discussions
with Fujitsu Siemens Computers GmbH and other German states in an
effort to secure additional orders. "We are very excited to
announce the completion of these important steps in a multi-year
project with one of the largest ministries in the German
government. This is further validation for Captaris and its
shareholders of the quality and value of our recent acquisition,"
said David P Anastasi, President and CEO of Captaris. "The
integration of Captaris and Captaris Document Technologies has
begun smoothly and, as demonstrated by this contract, the
acquisition is expected to deliver substantial value to
shareholders. CDT document capture technology is enabling us to
address the large and rapidly growing distributed capture market.
We intend to leverage the CDT technology across our platforms,
which now include distributed capture, workflow, archiving, and
document delivery at affordable prices. We expect this technology
integration will enable us to deliver substantial revenue synergies
and further diversify our revenues by product and geography. As
announced in our press release on January 14, we have seen
improving RightFax performance, substantial sequential growth of
our FaxPress product line from our July 2007 acquisition of
Castelle, and strong results from our Alchemy product line,
particularly in relation to our MFP (multi-function printing
devices) channel partners. With this current opportunity from CDT
and our progress on our operating leverage initiatives, we are
confident that our acquisitions and our business strategy are all
moving in the right direction and we are very excited about our
future prospects." Captaris intends to hold a conference call to
discuss its fourth quarter and fiscal year 2007 results in
February. On this call, we intend to discuss in more detail the
Captaris Document Technologies acquisition, the German government
transaction, current operating leverage initiatives and guidance
for 2008. About Captaris, Inc. Captaris, Inc. is a leading provider
of software products that automate business processes, manage
documents electronically and provide efficient information
delivery. The products of Captaris and its subsidiaries Castelle
and Captaris Document Technologies, including Captaris RightFax,
Captaris Workflow, Captaris Alchemy, the FaxPress line of products,
RecoStar, DOKuStar, DOKuStar Capture Suite, Single Click Entry,
ID-Star, BUSY, Invoice CENTER, Tax CENTER, and Mail CENTER are
distributed through a global network of leading technology
partners. We have customers in financial services, healthcare,
government and many other industries, and our products are
installed in all of the Fortune 100 and many Global 2000 companies.
Headquartered in Bellevue, Washington, Captaris was founded in 1982
and is publicly traded on the NASDAQ Global Market under the symbol
CAPA. For more information please visit http://www.captaris.com/.
The following are registered trademarks and trademarks of Captaris:
Captaris, Alchemy, RightFax and Captaris Workflow. FaxPress is a
trademark of Castelle. RecoStar, DOKuStar, DOKuStar Capture Suite,
Single Click Entry, ID-Star, BUSY, Invoice CENTER, Tax CENTER and
Mail CENTER are trademarks of Captaris 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 timing of software
and hardware installations, and related timing of revenue
recognition, under the German government contract, the expected
benefits to Captaris and its shareholders of the acquisition of Oce
Document Technologies, our intent to leverage the CDT technology
across our platforms, and our expectations relating to our ability
to deliver substantial revenue synergies and further diversify our
revenues by product and geography. Forward-looking statements
include all passages containing verbs such as "aims,"
"anticipates," "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 inability to successfully
and timely complete the software and hardware installations under
the German government contract, the impact, if any, of stock-based
compensation charges, the potential failure to maintain and expand
Captaris' network of dealers and resellers or to establish and
maintain strategic relationships, inability to integrate recent and
future acquisitions, including the recent acquisition of Captaris
Document Technologies, 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 affect Captaris' financial results 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., +1-425-638-4048, ; 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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