enterprise information capture software, today announced that it has
completed its merger with Captiva Software Corporation, creating the largest
and most complete provider of input management software solutions for a
broad range of industries. As a result of the merger, the combined company
has changed its name to Captiva Software Corporation and will trade on the
Nasdaq exchange under the symbol CPTV beginning August 1, 2002.
Upon completion of the merger, Reynolds Bish became the President and Chief
Executive Officer of the combined company and Steve Francis became the Chief
"Weâre gratified that our respective shareholders recognised the compelling
strategic and economic benefits of this merger, and weâre excited to move
into a new era in the companyâs history," said Bish. "We remain committed to
offering new and existing customers preeminent information capture solutions
that manage input across the enterprise. In fact, current economic
conditions continue to help create demand for our solutions and drive the
market to our companyâs strengths."
"Due to the synergies between the technologies, solutions and organisations
of the two companies, the merger is proceeding smoothly and weâre
anticipating immediate operational efficiencies that should position the
combined company for sustained long-term growth by better satisfying user
requirements" said Francis.
The combined company has approximately 300 employees worldwide. Revenues for
the first six months of 2002 were 24.0 million Euros ($23.7 million), and
operating profits were 912,000 Euros ($900,000), excluding merger related
expenses. ActionPoint and Captiva have been technology partners since 1998
and shared many customers prior to the merger. The united company now boasts
over 600 Global 2000 customers and governmental agencies, including Bank of
America, Citigroup, Fidelity Investments, The Bank of New York (Europe),
Lloyds TSB, British Telecom, Vodafone, The Office of National Statistics:
2001 Census, Skandia and Royal Sun Alliance.
"As a result of the merger, we are in a better position to deliver greater
value to our customers, partners and shareholders," Bish added. "Our
management teams are in place and our sales, service and support
professionals have been integrated and stand ready to serve our global
customers. Our solutions are positioned to advance Captivaâs market share in
existing markets and break ground into new industry verticals."