Boston, Mass. and Seattle, Wash., Aug. 24, 1999 - Exchange Applications, Inc. announced that it has acquired privately held software vendor GBI of Seattle. Through the acquisition, Exchange Applications adds personalized e-marketing - incorporating Web, e-mail and inbound response processing - to its group of customer relationship optimization products and services. It also gains GBI's application service provider (ASP) and software hosing capabilities.
The value of the common stock to be issued in the transaction, including shares issuable under assumed options, is about $24 million based on the Aug. 23, 1999 closing price. GBI will become a wholly owned subsidiary of Exchange Applications, and all of its current employees and contractors are expected to remain with the company.
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