StarBase Announces Acquisition of ObjectShare
April 13, 2000 05:43 PM Eastern Time
SANTA ANA, Calif.--(BUSINESS WIRE)--April 13, 2000--StarBase Corp. SBAS , a leading provider of eCollaboration solutions for the development and management of eBusiness applications, Thursday announced the completion of the acquisition of ObjectShare OBJS.BB , a leading provider of object-oriented solutions, professional consulting and training services.
At a shareholders meeting held April 12, 2000, a majority of ObjectShare shareholders approved the merger of ObjectShare into a wholly owned subsidiary of StarBase. The combined companies will provide eBusiness digital asset management solutions for the enterprise as well as professional services for implementation, consulting and training.
The value of the acquisition is approximately $8.85 million, or $0.71 per share of ObjectShare common stock. As a result of the merger, each ObjectShare shareholder will receive 0.09172 shares of StarBase common stock for each share of ObjectShare common stock. Accordingly, StarBase will issue 1,211,983 shares of StarBase common stock to ObjectShare shareholders.
In the next few weeks, ObjectShare shareholders will receive detailed written instructions from American Stock Transfer and Trust Co., StarBase's transfer agent, on how to exchange their shares for StarBase common stock.
"Companies demand expertise to move from their existing brick and mortar existence to a faster, more dynamic click and mortar business model," said William R. Stow III, president and chief executive officer of StarBase. "It takes experienced, qualified people who understand the Internet space to help companies make this move successfully.
"The completion of the acquisition of ObjectShare reinforces our commitment to offer customers complete end-to-end eBusiness application management. By expanding our consulting services with this acquisition, StarBase will be able to offer more complete eBusiness solutions for major corporations. We feel we have the right combination of products and services to aggressively pursue this rapidly emerging market."
About StarBase
StarBase Corp. is a leading provider of eCollaboration solutions for the development and management of eBusiness application management. eCollaboration is the simultaneous coordination, management and communication of geographically dispersed contributors of both code and content for eBusiness applications.
StarBase technology supports the continuous cycle of creating, linking and managing digital assets, which comprise complex eBusiness applications. StarBase products enable users with differing technical and functional backgrounds to collaborate on the production of Web sites and eBusiness initiatives from multiple locations.
StarTeam, the company's flagship product, received "Two Thumbs Up" from New Media in May 1999 and Four Stars from Software Development in August 1999. Microsoft and CMP Media named StarBase the 25th fastest growing ISV for Windows in April 1999. StarTeam also received the "Best of the Test Center" award by InfoWorld in January 1998.
More than one thousand companies and organizations, including leading corporations such as, Lucent Technologies, BMC Software, Motorola, PepsiCo, Seagate Technology, Hollywood Entertainment, Reynolds & Reynolds Co., eTour.com, Oxygen Media, and Ann Taylor have selected StarTeam to manage their eBusiness development projects.
StarBase is located at 4 Hutton Centre Drive, Suite 800, Santa Ana, Calif. 92707. Tel: 714/445-4400. Fax: 714/445-4404. Visit StarBase's Web site at www.starbase.com.
About ObjectShare, Inc.
Founded in 1983, ObjectShare, Inc., with headquarters in Irvine, Calif., is a leading provider of object-oriented solutions for eBusiness. With complete support for industry standards using Java or Smalltalk, the company offers its consulting and training services worldwide.
For more information about ObjectShare, call 800/973-4777 or 949/833-1122. Visit ObjectShare's Web site at www.objectshare.com.
StarBase and its product names are trademarks of StarBase Corp. All other product and company names herein are trademarks of their respective owners.
Forward Looking Statements
When used in the preceding discussion, the words "believes, expects, or intend to" and similar conditional expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, (i) conditions in the general economy or the software industry, (ii) the timely development and market acceptance of products and technologies, (iii) competitive factors, (iv) demand for team productivity software products, (v) sell-through of products in the sales channel, and (vi) other risks described in StarBase Corp.'s SEC reports and filings.
JC/np
CONTACT: StarBase Corp., Santa Ana Doug Norman, 714/445-4445 E-mail: dnorman@starbase.com or Ann Jones (investors), 714/445-4440 E-mail: ajones@starbase.com
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