More PLAT news
Monday March 29, 1:16 pm Eastern Time
Company Press Release
PLATINUM technology Completes
Acquisition of MEMCO Software
Collaboration ranks company among world's top
10 security software providers; arms PLATINUM
with world-renowned security experts and solutions
OAKBROOK TERRACE, Ill.--(BUSINESS WIRE)--March 29, 1999-- PLATINUM
technology (NASDAQ: PLAT - news) today announced the completion of its acquisition of security software vendor MEMCO Software Ltd., a transaction initiated in August 1998. According to the terms of the agreement, MEMCO is a wholly owned subsidiary of PLATINUM and each share of MEMCO Common Stock has been automatically converted into 0.836 shares of PLATINUM Common Stock. With the acquisition, PLATINUM becomes one of the industry's top 10 security software providers, delivering award-winning, market-proven products for enterprise security and critical e-business computing needs.
PLATINUM significantly expands its security business with the addition of more than 1,000 MEMCO security customers. The company's newly combined security portfolio represents an unparalleled solution for protecting customers' information assets as well as its mission-critical operations.
As more companies utilize the web and Internet technologies to provide e-business functionality for enterprise systems and operations, the need for a broader, more sophisticated security model is critical. PLATINUM's security offering, a single-source products and services solution, helps customers to assess vulnerabilities, detect intrusions, prevent loss, and manage access. The broad portfolio includes single sign-on, vulnerability assessment, user account administration, server security, audit consolidation, and intrusion detection and prevention.
About PLATINUM technology International, inc.
PLATINUM technology International, inc., headquartered in Oakbrook Terrace, Illinois, had 1998 revenues of $968 million. PLATINUM provides software and services that help IT organizations manage and improve the IT infrastructure. For information, visit platinum.com.
Safe Harbor Provision
This press release contains certain ''forward-looking statements'' including the statements
regarding PLATINUM's acquisition of MEMCO Software, that reflect PLATINUM's
expectations regarding its future growth, results of operations, performance, and business
prospects and opportunities. Words such as ''expects,'' ''intends,'' ''estimates,'' ''believes,''
''anticipates,'' ''plans'' and similar expressions have been used to identify these forward-looking
statements, but are not the exclusive means of identifying these statements. These statements
reflect PLATINUM's current beliefs and are based on information currently available to
PLATINUM. Accordingly, these statements are subject to known and unknown risks,
uncertainties and other factors that could cause PLATINUM's actual growth, results, performance
and business prospects and opportunities to differ from those expressed in, or implied by, these
statements. These risks, uncertainties and other factors include PLATINUM's ability to develop
and market existing and acquired products for the IT infrastructure market; PLATINUM's ability
to successfully integrate its acquired products, services and businesses; risks related to the Year
2000 challenge; PLATINUM's ability to adjust to changes in technology, customer preferences,
enhanced competition and new competitors in the IT infrastructure and professional services
markets; currency exchange rate fluctuations, collection of receivables, compliance with foreign
laws and other risks inherent in conducting international business; risks associated with conducting
a consulting services business; the risk of damage claims and costs resulting from product defects;
general economic and business conditions, which may reduce or delay customers' purchases of
PLATINUM's products and services; charges and costs related to acquisitions; and
PLATINUM's ability to protect its proprietary software rights from infringement or
misappropriation, to maintain or enhance its relationships with relational database vendors, and to
attract and retain key employees. PLATINUM is not obligated to update or revise these
forward-looking statements to reflect new events or changed circumstances.
All PLATINUM technology International, inc. product names and product category names are
trademarks of PLATINUM technology International, inc. Other company names and product
names referenced herein may be trademarks or registered trademarks of the respective
corporation.
Contact:
PLATINUM technology, inc.
For press inquiries:
Faye Merrideth, 630/691-0688
merrideth@platinum.com
or
For investor inquiries:
Maria McAuslan, 630/691-0771
invest@platinum.com |
