News & Events
Document Sciences Partners With, Takes Equity Position In Software Development Firm
4/23/2002, 7:00AM ET
CARLSBAD, CA (April 23, 2002) - Document Sciences Corporation (NASDAQ: DOCX), the leader in Content Automation for print, Web and e-mail, today announced that it has taken a stake in Objectiva Software Solutions, a Carlsbad-based software development company with offices in San Francisco and Beijing, China. The new alliance engages the two companies in a long-term co-development agreement, and allows Document Sciences to proceed rapidly with the development of advanced solutions employing J2EE, XML, and other next generation technology.
Objectiva Software specializes in enterprise software development, including rapid prototyping, product co-development, product migration and porting, and product re-engineering. The company's offshore development centers have provided product localization services for several of the world's leading software, hardware and telecommunications companies. As part of the partnership with Document Sciences, Objectiva will provide Document Sciences with market coverage in China and other rapidly growing Asian markets.
"Objectiva's expertise in software development and data connectivity increases our capability to respond quickly to customer and market needs - not only in terms of new products and product enhancements, but also in terms of integrating with third party enterprise CRM and workflow solutions," explained Jack McGannon, Chief Executive Officer of Document Sciences. "Their expertise in open architecture, multi-platform development will ultimately add value to our solutions for systems integrators, OEM channels, and other partners who incorporate our Content Automation technology into their products and services."
"This agreement recognizes the great synergy between our two organizations," said J. Douglas Winter, Chief Executive Officer of Objectiva. "Both organizations have extensive expertise in developing and implementing enterprise software solutions for industry-leading organizations, and both organizations have innovative approaches to development. Together, we will accelerate development of the next generation of tools for automation of mission-critical customer communications."
The relationship between the parties includes a two-year development services and referral agreement whereby Document Sciences has committed to pay Objectiva $3.1 million for services to be provided by a defined, dedicated team of developers from Objectiva. Note that Objectiva provided, via several short-term contracts, $750,000 worth of development services to Document Sciences during the second half of 2001. Additionally, Document Sciences will be acquiring approximately 25% of Objectiva's outstanding stock for $550,000 in cash consideration, with initial payments beginning in July 2002, as well as preferred discount rights related to Objectiva's reseller activities.
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, California, 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 Corporation, 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