News & Events
Document Sciences Completes Acquisition of Objectiva Software Solutions
7/23/2004, 8:20AM ET
CARLSBAD, CA (July 23 /PRNewswire-FirstCall) -- Document Sciences Corporation (NASDAQ: DOCX) announced that it has completed its previously announced acquisition of Objectiva Software Solutions, Inc., a company based in Encinitas, California that employs nearly 90 people and specializes in enterprise software development, including rapid prototyping, product co-development, product migration and porting, and product reengineering.
Consideration for the transaction consisted of 629,793 shares of Document Sciences stock and $392,844 of cash. Based on the closing price of Document Sciences stock on July 19, 2004 of $4.96 per share, the total value of the transaction amounted to approximately $3.5 million. Of the stock component of the consideration, over 95% of the shares are restricted and include a three-year vesting period.
About Document Sciences
Document Sciences Corporation delivers real-time, interactive content processing services that content-driven organizations depend on to realize productivity benefits, cut costs, and increase competitiveness. Approximately 650 customers worldwide use Document Sciences products in insurance, banking and financial services, managed-care, telecommunications, utilities and commercial print service bureaus. Customers include more than 60 Fortune 500 companies. Based in Carlsbad, Calif., with regional locations across the U.S. and a European subsidiary in Paris, Document Sciences also markets its products in Australia, Canada, New Zealand, Brazil, Mexico and China. For more information about Document Sciences Corp., visit www.docscience.com.
This press release contains certain forward-looking statements. Words such as "plan," "will," "anticipate," "intend," "increasing," "pursue," "provide," "begin," "should," "would," "focus," "believe," "expect," "continue," and "plan," or the negative thereof or variations thereon and similar expressions are intended to identify forward-looking statements. These forward-looking statements inherently involve certain risks and uncertainties, although they are based on our current plans or assessments that are believed to be reasonable as of the date of this press release. Factors that may cause actual results, goals, targets or objectives to differ materially from those contemplated, projected, forecast, estimated, anticipated, planned or budgeted in such forward-looking statements include, among others, the following possibilities: (i) changes in our stock price; (ii) changes in our operating results; (iii) the market for document automation software; (iv) continued expansion of our professional services; (v) market acceptance of our existing products and introduction of new products and enhancements to existing products; (vi) maintaining our relationships with Xerox; and/or (vii) changes in general economic and business conditions. Actual events or results may differ materially from those discussed, contemplated, forecasted, estimated, anticipated, planned or implied in the forward-looking statements as a result of the various factors described above and those further set forth under the heading "Risk Factors" in our Form 10-K for its fiscal year ended December 31, 2001