Home -> Law Blog Directory -> Litigation Support Blogs -> Litigation support industry business news and information

Litigation Support

: Litigation support industry business news and information

Unify to Acquire AXS-One

By Brad Jenkins

ROSEVILLE, Calif., ? April 16, 2009 ? Unify Corp. (NASDAQ: UNFY), a global provider of application development, database and migration products, today announced that it has entered into a definitive agreement to acquire AXS-One (OTCBB: AXSO), a leading provider of integrated content archiving software solutions. The acquisition, which is subject to approval by the stockholders of Unify and AXS-One, is expected to close by the end of Unify?s fiscal first quarter, ending July 31, 2009.

Through the agreement, Unify will purchase all outstanding shares and debt of AXS-One in an all-stock transaction valued at approximately $8.0 million, based on Unify?s closing stock price yesterday, subject to certain closing adjustments.

The acquisition is expected to create a more competitive, cost efficient company with a larger customer base, increased maintenance revenues and a significant growth potential. AXS-One?s 2008 revenues were $13.4 million, up 12% over 2007, including approximately 48% recurring maintenance revenue. Based on the expense reductions previously implemented by AXS-One and the further cost savings expected post closing, Unify expects the transaction to be accretive on a non-GAAP basis by the end of its fiscal second quarter, ending October 31, 2009.

Full post as published by Litigation support industry business news and information on April 17, 2009 (boomark / email).