Financing:
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Sunday January 2, 9:00 am Eastern Time
Company Press Release
SOURCE: SalesLogix Corporation
SalesLogix Secures $32.5 Million of Additional Financing
Funding Obtained from Bank of America and GE Capital Corporation to Support ACT! Acquisition and Launch of Interact.com B2B Sales Community
SCOTTSDALE, Ariz., Jan. 2 /PRNewswire/ -- SalesLogix Corporation (Nasdaq: SLGX - news), a leading provider of customer relationship management (CRM) and e-commerce software, today announced that it has raised $32.5 million in subordinated debt financing with common stock warrants from affiliates of Bank of America and GE Capital Corporation. The proceeds of this transaction will be used in part to fund the acquisition of ACT! by SalesLogix, as well as activities related to the launch of Interact.com as a leading business-to-business (B2B) sales community for the world's salespeople.
SalesLogix announced its agreement to acquire ACT!, the world's best selling contact manager, from Symantec Corporation (Nasdaq: SYMC - news) on December 6, 1999. The company announced the launch of Interact.com the same day. Under the terms of its agreement with Symantec, SalesLogix has taken over the ACT! development, marketing, sales and support functions, and will continue to sell the ACT! product through its existing distribution channels. With commencement of the transaction, ACT! has now become an independent line of business of SalesLogix, and the company is expanding its operations to three lines of business -- ACT!, SalesLogix and Interact.com.
Interact.com is a new business-to-business Interactive Application Service from SalesLogix. It targets the large and growing global sales community estimated by analysts as consisting of 42+ million sales professionals. For this vast market, Interact.com will deliver value-added e-commerce content, tools, services, and applications designed to increase the effectiveness of sales professionals, regardless of which sales automation or CRM systems they use. For more details on those initiatives, see SalesLogix's recent press releases, including December 6, 1999's, ``SalesLogix Announces New Multi-Brand E-Business Strategy to Transform CRM Marketplace.'
``Securing this funding is a big step toward realizing our vision of providing salespeople the world over with a whole new way of selling,' said SalesLogix president and CEO Pat Sullivan. ``We are now positioned to develop the technology and partnerships necessary to bring Interact.com to life. Of course, ACT! and the SalesLogix products are also an important part of this vision because we expect users of the Internet-activated versions of ACT!2000 and SalesLogix2000 to be a very important part of our customer base for Interact.com.'
ABOUT SALESLOGIX
SalesLogix is a leading provider of CRM and e-commerce software for mid-market companies. The Company's products create interactive selling networks that dynamically connect mobile sales, internal telesales, marketing and support organizations as well as third party resellers, supply chain participants and other partners. SalesLogix solutions support all selling channels and operate across a variety of platforms, including the Internet, Windows-based desktops and laptops, and PDAs. To date, over 1,800 customers have licensed SalesLogix software. Headquartered in Scottsdale, Arizona, SalesLogix can be found on the World Wide Web at saleslogix.com.
This press release contains forward looking statements that involve risks and uncertainties that could cause actual results or outcomes to differ materially from those contemplated by the forward looking statements. Important factors that may cause or contribute to such differences include, but are not limited to: risks associated with acquisitions generally, including integration of operations, diversion of management's time and attention, unanticipated expenditures and the ability to integrate and manage the acquired business and implement the company's new marketing strategies; market demand and acceptance; the impact of competitive products and services; risks associated with the timing and successful completion of technology and product development and commercialization; the effect of economic and business conditions; the ability to attract and retain technical and management personnel; changing relationships with customers, suppliers and strategic partners, including the company's indirect distribution channel; and other risks detailed in the company's current report on Form 8-K filed with the Securities and Exchange Commission on December 6, 1999, quarterly report on Form 10-Q for the quarter ended September 30, 1999, and final prospectus filed in connection with the company's initial public offering on Form S-1, effective May 27, 1999. SalesLogix undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SalesLogix is a registered trademark of SalesLogix Corporation. All other trademarks or registered marks are owned by their respective holders.
SOURCE: SalesLogix Corporation |
