Menlo Park, Calif. and Westboro, Mass., Dec. 1, 1999-- Informix, a technology leader in the software infrastructure for the i.Economy, and Ardent Software, a leading provider of data integration infrastructure software for data warehouse, business intelligence and e-business applications, announced that they have reached a definitive agreement to combine their operations in a transaction valued, on a fully diluted basis, at approximately $880 million based on the closing price of Informix common stock on November 30, 1999. The combination accelerates the strategies of both companies and creates a $1 billion market leader in open software infrastructure for the i.Economy.
Under terms of the agreement, which was unanimously approved by the Boards of Directors of both companies, 3.5 shares of Informix common stock will be exchanged for each outstanding Ardent share, and Informix will assume all outstanding Ardent options. The transaction is expected to be accounted for as a pooling of interests and to be accretive to Informix's earnings per share in 2000, excluding non-recurring, transaction-related costs. The transaction will be treated as a tax-free reorganization for Ardent shareholders. Completion of the transaction, which is subject to the approval of stockholders of both companies and customary regulatory reviews, is expected to occur in the first quarter of 2000.
"Business intelligence is what gives you this insight, but winning in the i.Economy requires that business intelligence and e-commerce solutions be tightly integrated to drive dynamic content and commerce. The combination of Informix and Ardent is so compelling because it creates the market leader for the business intelligence infrastructure that makes this integration possible," said Jean-Yves Dexmier, president and chief executive officer of Informix.
Peter Gyenes, chairman, president and chief executive officer of Ardent Software said, "The next generation of business intelligence applications will pose data integration and data management challenges that, together, Ardent and Informix are uniquely positioned to address. Ardent's products allow data of all kinds to be integrated from anywhere, including clickstream and other Web content, while Informix's business intelligence engines excel at managing large volumes of content-rich data typical of the Internet. Additionally, this combination leverages our highly complementary skill sets, customer bases, global sales and services operations, and significantly expands our market reach. We believe that we will have an unparalleled platform for sustainable competitive advantage in the i.Economy."
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