Palo Alto, Calif., Aug. 6, 1999 - On Aug. 3, 1999, Brio Technology completed its acquisition of privately held SQRIBE Technologies Corp. of Redwood City, California. The transaction will be accounted for as a pooling of interests. Brio Technology had revenues of $46.5 million for its fiscal year ending March 31, 1999, and SQRIBE Technologies had revenues of $39.2 million for its fiscal year ending Dec. 31, 1999. With the close of the transaction, former Brio Technology stockholders hold about 55 percent of the combined company, with former SQRIBE stockholders holding about 45 percent.
With the acquisition of SQRIBE, Brio Technology will provide a comprehensive, scaleable business intelligence platform for deploying decision-processing applications across the e-enterprise. The extended product line enables Brio to meet the business intelligence requirements of organizations that are utilizing e-business and the Web as critical components of their operations. With the acquisition, Brio has also expanded its worldwide market presence with an increased direct and indirect sales force in North America, Europe and Australia as well as expanded international coverage.
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