Omega Research Acquires Window On WallStreet
BusinessWire, Tuesday, October 26, 1999 at 07:26
MIAMI--(BUSINESS WIRE)--Oct. 26, 1999--
Acquisition of a Leading Internet-Based Provider of
Streaming Real-Time Quotes Will Accelerate Roll Out of Omega Research
Internet Strategy
Omega Research, Inc. (NASDAQ:OMGA), a leading provider of
real-time investment analysis software, today announced that it has
acquired privately held Window On WallStreet Inc., a leading
Internet-based provider of streaming real-time and historical quotes
and a developer of award-winning, on-line investment analysis tools.
Omega Research has exchanged 2 million newly issued shares of its
common stock for all of the issued and outstanding shares of Window On
WallStreet. Omega Research will also repay in accordance with its
terms approximately $4.1 million of outstanding Window On WallStreet
indebtedness. The merger, which will be accounted for as a pooling of
interests, will leave Window On WallStreet's shareholders with
approximately 8 percent of the issued and outstanding common stock of
Omega Research.
Bill Cruz, co-chairman of the board and co-chief executive
officer of Omega Research, commented, "We believe this merger will
sharply accelerate the roll out of our Internet strategy and ignite an
exciting period of aggressive growth for Omega Research. Acquiring the
Financial Data Cast Network(TM), one of the Internet's most
sophisticated streaming real-time quote services, along with a host of
powerful, award-winning investment analysis tools, including Internet
Trader (formerly Window On WallStreet) and Day Trader, is expected to
greatly enhance Omega Research's competitive position in the
marketplace.
"We believe this merger combines the industry's two finest
front-end analytical tools with the industry's best Internet-based
streaming real-time data service and will allow us, for the first
time, to offer customers a complete seamless solution. While we will
begin immediately to integrate our newly expanded array of products
and technology to seek to take advantage of the tremendous growth
potential offered by the Internet, we also remain committed to
supporting Window On WallStreet's large installed base of loyal users.
By leveraging our brands and integrating the best features and
functions of both product lines, we expect to significantly increase
the value proposition for our combined customer base."
November Conference Call
As previously disclosed, Omega Research has scheduled a
conference call for November 8, 1999, to discuss the company's rapidly
evolving Internet strategy and its prospects to significantly expand
the company's customer base in the years ahead. Further details on the
timing of the conference call will be distributed prior to the call.
Keith Black, president of Window on WallStreet, said, "In
addition to creating some of the Internet's most powerful
Internet-based analytical tools over the last two years, we have
developed a state-of-the-art solution for delivering streaming
real-time quotes via the Internet. We believe that combining our two
businesses in a way that broadens the market for both companies will
enable us to leverage Window On WallStreet's investment in technology
far more quickly and efficiently than we could on a stand-alone
basis."
Omega Research has acquired valuable Internet technology and an
experienced team of professionals. Among the highlights of the
acquisition:
Financial Data Cast Network (FDCN)
A sophisticated Internet-based subscription service that delivers
streaming real-time quotes, and historical intraday and daily price
data for charts on demand. FDCN includes Nasdaq Level II bid and ask
quotes, fundamental financial information, and real-time streaming
news. This technology is anticipated to allow Omega Research to offer
customers a fully integrated solution using streaming real-time data
to drive the company's powerful analytical tools.
Award Winning Internet Analysis Tools
Over the last five years, Window On WallStreet has received more
editorial and industry awards for its product line than any other
provider in its category. In 1997, the company was awarded the
prestigious Codie Award from the Software and Information Industry
Association. The company's products were Codie Award finalists in
1999, and have won five first-place awards from highly recognized
organizations since 1994. These awards include:
- 1997 Software Publishing Association Codie Award for Best New
Business Software Program of the Year
- Home PC Editors' Choice Top 100 Software for 1997
- PC Magazine Editors' Choice Award for Personal Investment
Software (1996)
- American Association of Individual Investors rated a perfect
score for Technical Analysis Software (1996)
- PC Magazine Editors' Choice Award for Personal Investment
Software (1995)
Talented Team
In addition to a solid and innovative staff, Window On WallStreet
adds a number of talented developers and marketing executives to the
strong team at Omega Research. As a unit of Omega Research, Window On
WallStreet will continue to operate from its offices in the
Dallas-Fort Worth area, enhancing the company's ability to recruit
from one of the nation's premier technology centers.
About Window On WallStreet
Window On WallStreet is an Internet financial solutions provider.
The company provides solutions to online traders, active investors and
investment professionals over the Internet. Since its founding in
1991, the company has designed and developed best-in-class investment
and trading analysis software. With more than 100,000 full versions of
its software shipped (and over 1 million with its OEM agreements), the
company is highly experience in serving the mass market. For more
information, visit www.windowonwallstreet.com.
About Omega Research
Founded in 1982, and headquartered in Miami, Florida, Omega
Research, Inc. is a leading provider of real-time investment analysis
software for the Windows operating system. With the 1991 release of
its flagship product, TradeStation(R), the Company pioneered the
concept of utilizing the power of the personal computer to enable
investors to historically test the profitability of their own
investment strategies and then computer-automate those strategies to
generate real-time buy and sell signals. Omega Research's other
principal products are OptionStation(R), RadarScreen(TM), Omega
Research ProSuite(TM) and SuperCharts(R). The current shipping
versions of such products are TradeStation 2000i, OptionStation 2000i,
RadarScreen 2000i, Omega Research ProSuite 2000i and SuperCharts 4.
For more information, visit www.omegaresearch.com.
Omega Research's 2000i line of software products is compatible
with the following real-time Internet and broadcast data services:
Data Broadcasting Corporation's (NASDAQ:DBCC) eSignal (Internet),
InSite (Internet) and BMI (Broadcast); Data Transmission Network
Corporation's (NASDAQ:DTLN) DTN Real Time and DTNstant (Broadcast);
Hyperfeed Technologies, Inc.'s (formerly PC Quote, Inc.) (NASDAQ:HYPR) Hyperfeed(TM) (Internet and Broadcast), and FutureSource
Information Systems, Inc.'s MDS network and stand-alone datafeeds. The
products also enable the user to access through the Internet, with a
click of the mouse, the online brokerage services of E-TRADE (NASDAQ:EGRP) and Wall Street Access.
This press release contains statements that are forward looking and
are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. When used in this press
release, the words "believes," "estimates," "plans," "expects,"
"intends," "anticipates," "may," "should," "prospect," "looking
forward," "could," "seeks," and similar expressions as they relate to
Omega Research or its management are intended to identify
forward-looking statements. The statements in this press release
regarding the expectations and beliefs of Omega Research management
concerning, among other matters, the merger, Window On WallStreet, the
Internet and future product developments holding significant promise
for expanding the Omega Research's customer base in the years ahead
are based on current expectations and beliefs concerning future events
that are subject to risks and uncertainties. Actual results may differ
materially from the results suggested herein and from the results
historically experienced. Factors that may cause or contribute to such
differences and impact future events include, but are not limited to,
difficulty integrating the Window On WallStreet acquisition from both
technology and operational aspects, the ability and success of Omega
Research in developing and marketing Window On WallStreet's line of
products and services and the cost thereof, the impact of the merger
on Omega Research's existing relationships, lower-than-expected new
product orders over future quarters, failure of customer acceptance of
new products, including new Internet products (due to technical
difficulties or errors in the products, their cost, increased hardware
or software requirements to use the products, unfavorable critical
reviews, increased competition, or other reasons), the level of
returns and bad debt, the timeliness and success of the Company's
marketing of upgrades to its customer base, timing and significance of
additional new product introductions by the Company and its
competitors, the level of product and price competition, changes in
the Company's sales incentive or marketing strategies, changes in
demand for the Company's products, changes in operating expenses, the
ability of the Company to successfully develop, effectuate and market
its internet strategy, attempts by the Company to enter new markets
(including the Internet product market) or expand into related
businesses and the cost, timing and success thereof, general economic
and market factors, including changes in the securities and financial
markets, as well as those discussed in Omega Research's press releases
and its filings with the Securities and Exchange Commission including,
but not limited to, Omega Research's December 31, 1998 Annual Report
on Form 10-K.
Visit the Omega Research web site at www.omegaresearch.com |
