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To: SlyWombat who wrote (692)	3/2/1998 10:20:00 AM
From: Michael Watkins	Respond to of 1195

I'd also add to your comments that Documentum and OTEXF are in different businesses. Even though OTEXF can be classified as a "document management" company, they are more of an intranet groupware company focussed on providing low cost solutions to the masses. Documentum is a document management software provider focussed on providing specific vertical business solutions that takes advantage of DM functionality to solve specific, high value, business functions. Best example is Pharmaceutical approval process. Massive documentation and control required; Documentum has packaged solutions developed for this area that can save a drug company millions by speeding time-to-market. You won't find any Open Text customers bending Open Text to solve that type of problem, I predict. Closest competition is probably FileNET, then DOCSF, but frankly, I think DCTM is, still, in a league of its own.

To: SlyWombat who wrote (692)	3/2/1998 11:14:00 AM
From: Hewson	Respond to of 1195

OTEXF has a great future, but you have some incorrect data on DCTM. 1) DCTM's revenue growth is actually still greater than OTEXF (remember that OTEXF just bought a calendaring company and included their revenue in this last earnings statement - without this new product (which is a different category), the growth was less than DCTM's +60%). 2) OTEXF revenue is in the $28 million range. DCTM was $75 this last year. 3) Both companies are on a rocket ride and will do well, but they are in different markets. OTEXF compares itself to groupware and positions itself as the web-play vs Lotus Notes and MS Outlook. I have seen them speak at seminars and that is who they compare themselves to when "competition" comes up. DCTM goes after mission critical applications with a very high "value" proposition. 4) DCTM is not a client server only product. I have a very good friend that works at Monsanto and they have fully deployed thousands of users with a URL and browsers on every desk. From what I understand, most of their (DCTM) sales are implemented through browsers now (just like FILE, OTEXF, DOCSF, etc. - they all do it that way). 5) DCTM's did get a head start on shipping product, you are correct there. DCTM first customer shipment was in 1993. They posted a profit that year, too. 6) As for OTEXF "blowing away" DCTM. In revenue - no, in profit - no, in growth rate of revenue - no, in growth rate of profit - no. In number of low cost (under $50 seats) - yes. I wonder when OTEXF will run into the monster groupware vendors with this strategy? Bullish on both, but from facts, not hype.

To: SlyWombat who wrote (692)	3/2/1998 12:12:00 PM
From: PeakClimber	Read Replies (1) \| Respond to of 1195

> Documentum has to install software on each clients desktop < NONSENSE! I own both OTEXF as well as DCTM and know for a fact that Documentum's web products (RightSite server and its clients) need only a URL to work the system with. Check out documentum's web site. Can you access it? It runs off their RightSite product. Did you need a desktop installation to accees it? At this point in history, virtually all the EDMS companies have web interfaces. The bigger difference between OTEXF and DCTM is that OTEXF is closer to Lotus Notes and other groupware solutions than to a doc.mgmt.system.