Toronto, Ontario, Sept. 11, 2000 – Janna Systems Inc., a leading provider of e-business solutions for the financial services industry, announced that it has entered into a definitive arrangement agreement with Siebel Systems, Inc., a leading supplier of e-business application software, for Siebel to acquire Janna in a share exchange transaction. Siebel Systems intends to integrate Janna’s technology into the Siebel e-business applications, thereby further enhancing Siebel Systems’ multichannel e-business solutions for financial services institutions in the retail banking and brokerage, institutional finance and insurance industries.
The companies will integrate the two complementary product families into a single product suite based on a common Web architecture beginning with Siebel Financial Services 2001, which is planned for release in Summer 2001. Together, Siebel Systems and Janna will fully support all of their current customers and products and will offer a comprehensive upgrade path to the unified Siebel Financial Services product line.
“The acquisition of Janna further strengthens and underscores our commitment to deliver the market-leading solution for the financial services industry,” said David Schmaier, senior vice president products, Siebel Systems, Inc. “Financial services industry expertise and a shared commitment to 100 percent customer satisfaction make Janna a natural fit within Siebel Systems.”
The transaction is expected to close in the fourth quarter 2000. For more information, please visit www.siebel.com and www.janna.com.
Rachel Rasmussen was a Web Editor of DMReview.com.
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