And the $$$$$$$$$$$$$$$$$$$$ just keeps ROLLING in......LOL!!!!!
Applies to -- CPWR -- DPRC
COMPUWARE TO ACQUIRE DATA PROCESSING RESOURCES CORPORATION 3,400 PROFESSIONAL SERVICES PERSONNEL EXPECTED TO JOIN COMPUWARE'S Professional Services Division
COMPUWARE TO ACQUIRE DATA PROCESSING RESOURCES CORPORATION 3,400
PROFESSIONAL SERVICES PERSONNEL EXPECTED TO JOIN COMPUWARE'S
Professional Services Division
FARMINGTON HILLS, Mich., Jun 24, 1999 /PRNewswire via COMTEX/ --
Compuware Corporation (Nasdaq: CPWR) and Data Processing Resources
Corporation (DPRC) (Nasdaq: DPRC) today announced they have entered
into an agreement for Compuware to acquire DPRC through a cash tender
offer. A wholly owned subsidiary of Compuware will offer to purchase
any and all outstanding shares of DPRC's common stock for $24 per
share. The transaction has been approved by the Boards of Directors of
both DPRC and Compuware.
DPRC is a leading national professional services company focusing onthe
Information Technology (IT) sector. DPRC provides IT professional
services to a diverse group of Fortune 1000 clients nationwide.
Traditionally providing support for business applications development
projects, DPRC also supports network management, help desk,
internetworking and ERP implementations. Based in Irvine, California,
DPRC represents approximately 3,400technology professionals throughout
the United States. DPRC reported revenue of$355 million in the 12
months ending April 30, 1999.
"We are very excited to welcome DPRC's top-notch management and
professional services staff to the Compuware family," said Joseph
Nathan, Compuware President and Chief Operating Officer. "Acquiring
DPRC will enable us to accelerate product related solutions and
Application Management Services by immediately expanding our
Professional Services Division from 7,000 tomore than 10,000
technicians and enabling us to deliver professional services solutions
to 27 new cities," he said. "The complementary nature of this
acquisition is a big plus for our clients, business partners, employees
andshareholders."
"The DPRC Board of Directors and management team feel that,
strategically, the merger of these two companies is exceptional," said
Mary Ellen Weaver, DPRC founder and CEO. "With a strong presence in the
Midwest, Compuware is looking to DPRC to expand its presence throughout
the Western, Southwestern and Southeastern United States. Since we have
so few duplicate offices, this merger accomplishes that objective."
Weaver continued, "We have spent a good deal of time with the
management team at Compuware and truly feel that the integrity of this
company, its values and genuine support for their employees cannot be
matched. This agreement represents a tremendous opportunity
forouremployees."
In the tender offer, Compuware seeks to purchase no less than 91
percent of DPRC's outstanding shares. Consummation of the tender offer
will be subject to the expiration or termination of any applicable
antitrust waiting period, the receipt of any required regulatory
approvals and customary conditions. Following completion of the tender
offer, the subsidiary of Compuware will be merged into DPRC, and all of
DPRC's shares not owned by Compuware will be converted into the right
to receive $24 per share in cash. In the event the tender offer is not
consummated, Compuware and DPRC will pursue a merger in which DPRC will
become a wholly owned subsidiary of Compuware and DPRC shares will be
converted into the right to receive $24per share in cash. Thomas Weisel
Partners LLC acted as a financial advisor and provided a fairness
opinion to DPRC's Board of Directors. Updata Capital Inc. acted as a
financial advisor to Compuware.
Compuware Corporation Compuware productivity solutions help 14,000 of
the world's largest corporations more efficiently maintain and enhance
their most critical business applications. Providing immediate and
measurable return on information technology investments, Compuware
products and services improve quality, lower costs and increase the
speed at which systems can be developed, implemented and supported.
Compuware employs more than 11,000 information technology professionals
worldwide, including more than 7,000 in its professional services
organization. With fiscal 1999 revenues of $1.6 billion, Compuware is
the world leader in client/server development technology. For more
information on Compuware, please contact the corporate offices at
800-521-9353. Compuware also can be found on the World Wide Web at
compuware.com.
Data Processing Resources Corporation Data Processing Resources
Corporation, established in 1985, is a market leader in providing
information technology professional services through a network of 33
branch facilities and four international recruiting offices to a
diverse group of corporate clients through a database of highly
qualified technical consultants. Additional information on DPRC is
available from the World Wide Web at dprc.com.
Statements herein concerning the growth and strategies of Compuware and
DPRC include forward-looking statements. Compuware's and/or DPRC's
actual results may differ materially from those suggested as a result
of various factors, including, without limitation, Compuware's and
DPRC's ability to recruit and retain qualified technical consultants,
and, the companies' ability to consummate the transaction, successfully
integrate DPRC's operations and compete successfully with existing and
future competitors. Interested parties should refer to the disclosure
set forth in Compuware's and DPRC's recent public filings, under the
caption "Risk Factors" and elsewhere, for additional information
regarding risks affecting Compuware's or DPRC's financial conditions
and results of operations.
SOURCE Compuware Corporation
(C) 1999 PR Newswire. All rights reserved.
http://www.prnewswire.com -0-
CONTACT: Christopher M. F. Norris, Director, Corporate
Communications
and Investor Relations of Compuware, 248-737-7506; or
Thomas Vadnais,
President and Chief Operating Officer of DPRC,
949-553-1102
/Company News On-Call:
prnewswire.com or fax,
800-758-5804, ext. 112310
WEB PAGE: dprc.com
compuware.com
GEOGRAPHY: Michigan
California
INDUSTRY CODE: CPR
SUBJECT CODE: TNM
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