Monday August 16, 8:00 am Eastern Time
Company Press Release
SOURCE: New Era of Networks, Inc.
NEON Completes Integration of Recent Acquisitions; Convoy Corporation and Microscript Inc. Chief Executives Named to Key Posts
ENGLEWOOD, Colo., Aug. 16 /PRNewswire/ -- New Era of Networks(TM), Inc. (Nasdaq: NEON - news) announced today it has completed the integration of the its two most recent acquisitions and has appointed their former chief executive officers to positions in NEON executive management.
Convoy Corporation Chief Executive Officer John Valencia has been named senior vice president of NEON's commercial and enterprise resource planning (ERP) business unit. John Moriarty, chief executive officer of Microscript, was also named president of NEON's health care business unit.
Convoy and Microscript's products are highly effective Enterprise Application Integration (EAI) solutions, with Convoy specializing in PeopleSoft integration, and Microscript providing EAI solutions exclusively for the Microsoft NT platform.
NEON also will make certain adjustments to the consideration rendered to the shareholders of its two most recent acquisitions, Convoy Corporation and Microscript Inc., to more closely reflect the purchase value agreed upon in the original acquisition negotiations. Between the two acquisitions, the total adjustment is valued at $16.5 million in cash and 618,225 shares of NEON common stock. The adjustment to consideration rendered to Convoy Corporation shareholders is pending final shareholder approval. These adjustments will be reflected in NEON's third-quarter financial statements as a one-time acquisition-related charge of approximately $25 million. Details of these adjustments are available in the company's SEC Form 10-Q for the period ended June 30, 1999.
Convoy's products, combined with NEON's, provide customers with the most comprehensive data conversion and enterprise integration offering for the complete range of PeopleSoft applications. Version 3.5 of Convoy's software is scheduled for release in late August 1999.
NEON, combined with Microscript, is positioned to deliver comprehensive EAI solutions to Global 20,000 companies. Microscript's products are designed to provide fully scalable EAI functionality on the Windows NT platform and take full advantage of Microsoft's DNA/COM/DCOM architecture and Microsoft's BizTalk initiative. NEON and Microsoft will jointly market these solutions. |
