Safeguard Increases Ownership In DocuCorp; Xerox Relinquishes Ownership Share, Retains Board Position
Business Wire - April 13, 1999 11:29
DALLAS--(BUSINESS WIRE)--April 13, 1999--DocuCorp International (Nasdaq:DOCC) today announced that Safeguard Scientifics Inc. has purchased Xerox Corporation's 9% ownership interest in the company. The purchase gives Safeguard an 18% ownership share in DocuCorp, a Dallas-based provider of document automation software, services and outsourcing.
Commenting on the purchase, Safeguard Chairman and CEO Warren V. Musser stated, "At the beginning of the year, we announced Safeguard would target three technology growth areas for investment this year: e-Commerce, enterprise applications and network infrastructure. DocuCorp is a leader in supplying enterprise-wide document automation applications and has recently introduced three Internet-based document automation and management solutions. DocuCorp fits extremely well into our strategy, and we are pleased we had this opportunity to increase our ownership in this excellent company, especially at a time when they are expanding their Internet offerings."
Safeguard is the largest stockholder in DocuCorp, and Xerox has been a stockholder in DocuCorp and its predecessor company since 1991.
Anshoo Gupta, Xerox corporate vice president and president, production systems group, who is a member of the DocuCorp Board of Directors, said, "This has been an excellent investment for us, and DocuCorp is an important marketing partner for Xerox. Xerox continues to have a keen interest in DocuCorp and its success."
"I am very pleased that Safeguard Scientifics, with its record of successful investments in leading companies, has increased its investment in DocuCorp," said Michael D. Andereck, DocuCorp president and chief executive officer. "Xerox has been a very important part of our growth. They have been an excellent equity partner, and we will continue to work with them as a strategic marketing partner. I am glad that Anshoo Gupta has agreed to remain on the DocuCorp board."
About Safeguard
Safeguard Scientifics, Inc. (www.safeguard.com) develops and operates rapidly growing information technology companies that together form a community of shared resources with a strategic emphasis in e-Commerce, enterprise applications, and network infrastructure, all of which are expected to benefit from the growing use of the Internet as a fundamental business tool. A long-term partner, Safeguard works closely with its partnership companies providing numerous operational and developmental services to build value in preparation for public rights offerings and beyond. The Company's partnership companies include privately-held companies and public companies. Safeguard also assists in managing and working with several venture capital funds.
About DocuCorp
DocuCorp markets a portfolio of open-architecture, enterprise-wide, document automation software products that enable its customers to create, publish, manage and archive complex, high-volume, individualized documents. The company also provides document automation consulting, application integration, and document processing, printing, and mailing services. DocuCorp has an installed base of more than 800 customers, including many of the largest insurance, utility, financial services, higher education, and telecommunications organizations. Headquartered in Dallas, DocuCorp has major facilities in Atlanta and Silver Spring, Md. The company also maintains offices in London, Portland, Maine, and Bedford, N.H. DocuCorp is a Safeguard Scientifics, Inc. (NYSE:SFE) partnership company. For more information, visit DocuCorp's Web site at docucorp.com www.docucorp.com.
Certain information contained in this news release may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this news release are forward-looking statements. Such statements are subject to certain risks and uncertainties, which include but are not limited to the risk of competitive pressures, failure to adequately respond to technological developments, loss of significant customers or distributors, and the other risk factors and cautionary statements listed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. All forward-looking statements included in this news release and all subsequent oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Note to Editors: (c) 1999 DocuCorp International. All Rights Reserved. Company, organization, and product names mentioned herein are trademarks or registered trademarks of their respective owners. DocuCorp and its symbol are trademarks of DocuCorp International.
CONTACT: DocuCorp International, Dallas
Todd Rognes, 214/891-6500
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