Northwest E-commerce Startup, ELEKOM to be Acquired by Clarus
Business Wire - August 31, 1998 17:01
%ELEKOM %CLARUS SQLF CLRS %WASHINGTON %GEORGIA %COMED %COMPUTERS %ELECTRONICS %MERGERS %ACQ V%BW P%BW
BELLEVUE, Wash.--(BUSINESS WIRE)--Aug. 31, 1998--
ELEKOM Procurement, an industry leading e-commerce solution,
provides a cornerstone for the Clarus Corporate
Service Applications offering
ELEKOM Corporation, a leading provider and pioneer of electronic commerce procurement software, announced today that it has entered into an agreement to be acquired by Clarus Corp. (Nasdaq:CLRS, effective Sept. 2, 1998), formerly SQL Financials International Inc. (Nasdaq:SQLF).
In addition to the e-procurement solution, ELEKOM will provide Clarus(tm) with an application framework: a common user interface and approval/routing process engine for the entire Clarus Corporate Service Applications suite. The pending acquisition underscores the recent attention focused on Pacific Northwest-based software companies and their ability to infuse cutting edge development of applications built on the Microsoft platform.
Earlier today, SQL Financials International Inc. changed its name to Clarus Corp. The name change reflects a continued evolution of its strategy to take a leadership position in delivering integrated backoffice financial, human resource and corporate service applications. ELEKOM will become a key component of this strategy.
The pending acquisition establishes Clarus as a leader in the burgeoning business to business web commerce application- buy-side market. Analyst Firm GartnerGroup estimates this market will reach $1.3 billion by 2002.
"We are very excited about this strategic announcement. As part of Clarus we will leverage our combined strength to deliver state-of-art solutions to an even greater audience," said Norman Behar, ELEKOM's President and CEO. "Clarus will enable us to expand our scope beyond procurement to deliver a full suite of corporate service applications. We're confident that our customers, partners and employees will benefit from this strategic move."
Using web-based technology, ELEKOM's procurement software affords customers a front-end solution designed to facilitate the purchasing of non-production goods and services. This planned acquisition will strengthen the company's value proposition. As the cornerstone of Clarus' new corporate service applications offer, ELEKOM Procurement will be offered as a full featured stand-alone solution capable of integrating with other ERP vendor products or as a comprehensive integrated solution with the current Clarus' backoffice Financial and HR suite of products.
"Procurement is a cornerstone of our new vision to provide a total corporate services solution. ELEKOM is a perfect fit," said Steve Jeffery, CEO and President of Clarus. "The company is a pioneer in electronic commerce and shares the Clarus vision to provide world-class applications with a breakthrough in time."
By extending the value of backoffice applications to frontline employees, the Clarus Corporate Service Applications are designed to reduce an organization's administrative costs, improve employee service levels, and free backoffice professionals to focus on more strategic activities. Clarus sets a new standard in robust, full-function applications that can be tailored for both backoffice and frontline users' needs. As with all Clarus solutions, its Corporate Service Applications provide a literal breakthrough in time and resources as compared to competitive solutions. The breakthrough particularly pertains to the time required to implement, maintain and upgrade and the resulting cost of ownership benefits.
The company's headquarters will continue to be located in Atlanta, Ga. ELEKOM's existing operations will remain in Bellevue, Wash. and will focus on continued development and marketing of Clarus' Corporate Service Applications. Norman Behar, ELEKOM's president and CEO, will become executive vice president of Corporate Service Applications. Todd Ostrander, founder and vice president of ELEKOM, will serve as vice president of product strategy for Corporate Service Applications.
About ELEKOM
ELEKOM Corporation is a leading provider of web-based enterprise applications. The company's flagship product, ELEKOM Procurement, streamlines the enterprise procurement process. The company can be reached via its World Wide Web site at www.elekom.com or by calling 425/990-3060.
About Clarus Corporation
Atlanta-based Clarus Corp., www.claruscorp.com (Nasdaq:CLRS, effective Sept. 2, 1998), formerly SQL Financials International Inc. (Nasdaq:SQLF) is a provider of Clarus, a comprehensive suite of world-class backoffice and corporate service applications designed specifically for mid-to large-sized companies. Clarus consists of financial and human resource application suites and integrated, web-based corporate service applications. Founded in 1991, the company's applications create high lifetime value by delivering sophisticated functionality while substantially reducing the time required for implementation, maintenance and upgrades. Clarus serves such customers as First Data Corporation, Investment Technology Group, NOVA Information Systems Inc., T. Rowe Price Associates Inc., Toronto Dominion Bank, The Container Store, HD Vest, Amtrak and Chartwell Re Holdings Corp.
This press release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Exchange Act. Actual results could differ materially from those projected in the forward-looking statements as a result of certain risks including that the benefits expected by the company as a result of this acquisition may not occur.
Clarus is a trademark of SQL Financials International Inc. Throughout this release, software and hardware products are mentioned by name. In most, if not all, cases, these product names are claimed as trademarks by the companies that manufacture the products. It is not our intention to claim these names or trademarks as our own.
CONTACT: ELEKOM Corp. Copithorne & Bellows
Todd Ostrander Will Ludlam/Kathryn Gilmore
tostrander@elekom.com will.ludlam@cbpr.com
425/990-3060 kathryn.gilmore@cbpr.com
206/727-2880
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