Denver, CO, June 8, 1999 New Era of Networks Inc. (NEON) announced the acquisition of privately-held Convoy Corporation, a worldwide provider of application integration software for PeopleSoft applications. The acquisition is subject to approval from Convoy’s shareholders and customary closing conditions. NEON is acquiring Convoy for about $42 million in stock. Convoy, a California-based company, provides products and services that migrate data to and interface with ERP applications. The company had annual revenues of $10.4 million for their fiscal year, which ended March 31, 1999.
John Valencia, CEO of Convoy, will be joining NEON’s management team as senior vice president, and Convoy will become part of NEON’s ERP business unit. "Joining forces with NEON allows the combined company to offer our customers the one-stop shopping for Enterprise Application Integration (EAI) products and services," Valencia said. "We believe the our ease-of-use and NEON’s real-time capabilities make the most complete EAI offerings available."
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