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Exhibit 99.2
NEWS RELEASE
Siebel Systems, Inc. Completes Acquisition of Janna Systems Inc.
Extends Market Leadership for Multichannel eBusiness in Financial Services
SAN MATEO, CA--Nov. 15, 2000--Siebel Systems, Inc. (Nasdaq: SEBL) announced
today that it has closed its acquisition of Janna Systems Inc.
Under the terms of the agreement, each outstanding common share of Janna Systems
Inc. was exchanged at a fixed exchange ratio of 0.4970 for each newly issued
share of common stock of Siebel Systems or, with respect to Janna shareholders
who are residents of Canada, 0.4970 of each newly issued, exchangeable share of
a Canadian subsidiary of Siebel Systems. The exchangeable shares will be listed
on the Toronto Stock Exchange on or about Monday, November 20 and are
exchangeable for Siebel Systems common stock on a one-for-one basis. All
outstanding stock options of Janna Systems Inc. were assumed by Siebel Systems
at the same exchange ratio. This transaction resulted in the issuance of
approximately 10.9-million additional shares of common stock and options to
purchase common stock of Siebel Systems, representing a total current market
value of approximately $1.1-billion based on the closing price of common stock
of Siebel Systems on November 15, 2000. The transaction will be accounted for as
a pooling of interests.
Janna products will extend and complement Siebel's current technology and
product line for the financial services industry. Siebel Systems intends to
fully support all of Janna's current customers and products, and to offer a
comprehensive upgrade path to the unified Siebel Financial Services product
line.
About Siebel Systems
Siebel Systems, Inc. (NASDAQ: SEBL) is the world's leading provider of eBusiness
applications software. Siebel Systems provides an integrated family of eBusiness
application software enabling multichannel sales, marketing and customer service
systems to be deployed over the Web, call centers, field, reseller channels,
retail and dealer networks. Siebel Systems' sales and service facilities are
located in more than 28 countries. For more information, please visit Siebel
Systems' Web site at www.siebel.com
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About Janna Systems
Janna Systems Inc. (TSE:JAN) is a leading provider of eRelationship Management
(eRM) solutions for the financial services industry. Effective eRM enables
enterprises to synchronize customer interactions across multiple channels,
including the Internet, and to offer personalized Web "self-service" eBusiness
solutions to their customers. As the Internet shifts power to consumers,
enterprises implementing Janna's eRM solutions can exploit the capabilities of
the Internet, allowing online collaboration, personalized e-commerce and sharing
of information with customers.
Headquartered in Toronto, Canada, Janna has sales offices and partners
worldwide. For more information about Janna and the Janna Enterprise Suite of
applications, call 1-800-268-6107, e-mail [email protected], or visit the Janna web
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site at www.janna.com.
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Media Contact:
Kate Jobling
Access Public Relations (for Siebel Systems)
415-904-7070
[email protected]
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Siebel is a trademark of Siebel Systems, Inc. and may be registered in certain
jurisdictions. All other product and company names mentioned are the property of
their respective owners and are mentioned for identification purposes only.
Except for the historical information contained herein, this press release
contains forward-looking statements that involve risk or uncertainties. The
success of the acquisition and future operating results of Siebel Systems may
differ from the results discussed or forecasted in the forward-looking
statements due to factors that include, but are not limited to, risks associated
with acquisitions, such as potential difficulties in the assimilation of
operations, strategies, technologies, methodologies and products of the acquired
company, the risk of loss of key personnel of the acquired company, diversion of
management attention from other business concerns, business risks including the
risk of variations in quarterly operating results, significant current and
expected additional competition and the need to continue to expand product
distribution and services offerings. Further information on potential factors
that could affect the financial results of Siebel Systems are included in Siebel
Systems' Report on Form 10-Q for the quarterly period ended September 30, 2000
and its other filings with the Securities and Exchange Commission. Siebel
Systems assumes no obligation to update the information in this press release.
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