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EXHIBIT 20.1
FOR IMMEDIATE RELEASE
ACCRUE SOFTWARE SIGNS DEFINITIVE AGREEMENT TO ACQUIRE PILOT SOFTWARE
Accrue Poised to Deliver the Industry's Only Bulletproof
eBusiness Analytics Platform and Integrated Applications Suite
FREMONT, CALIF., -- AUGUST 24, 2000 -- Accrue(R) Software (NASDAQ: ACRU), the
leading provider of eBusiness analytic solutions for optimizing visitor response
to Web-based campaign, content, commerce and affiliate initiatives, today
announced that it has signed a definitive agreement to acquire Pilot Software,
Inc., an industry pioneer in developing Web-enabled decision support and
business intelligence applications for the enterprise. Under the terms of the
acquisition, Pilot Software, previously owned by Platinum Equity Holdings, will
become a wholly-owned subsidiary of Accrue Software. All of Pilot Software's
outstanding stock will be exchanged for approximately 940,000 shares of Accrue
common stock, subject to certain adjustments depending on the trading price of
Accrue's Common Stock on the date of closing. The acquisition is expected to be
non-dilutive. This transaction is expected to close in the next 30 days after
satisfaction of closing conditions, including expiration of notification
requirements under antitrust laws.
The acquisition of Pilot Software will further enhance Accrue's leading position
in the eBusiness analytics market through the addition of advanced reporting and
OLAP technology, talented business intelligence developers and a world-class
global distribution channel. The next version of Accrue Insight(TM), to be
released in calendar Q4 2000, will incorporate Pilot's leading-edge
technologies. The enhanced Insight platform will feature the industry's most
advanced customer analysis, reporting and development environment,
highly-scalable parallel processing technology, combined with an easy-to-use
interface. These features will enable enterprises to gain valuable insights into
the effectiveness of their eBusiness initiatives and easily integrate
operational and collaborative CRM applications for measuring the effectiveness
of marketing, sales, and service automation efforts.
"As companies expand the number of channels in which they interact with
customers, the need for a unified view of customer behavior and commerce
activity becomes a critical underpinning for eBusiness success," said Mike
Gotta, vice president with META Group. "Improving the value to customers from
personalization efforts, marketing campaigns, commerce and service interfaces
requires solutions that capture rich customer data and robust analytical
frameworks that measure effectiveness. Companies, such as Accrue, that continue
to extend their business intelligence capabilities are well-positioned to help
eBusinesses manage the customer life-cycle."
Accrue is also committed to the continued support and enhancement of the Pilot
platform through the integration with Accrue's existing eBusiness analytics
technologies which include the InfoCharger high performance data processing
engine that can scale to billions of customer interactions, and the Decision
Series predictive and descriptive data modeling engines.
"With the Pilot Software acquisition, Accrue will achieve a crucial milestone,"
said Rick Kreysar, president and CEO of Accrue Software. "Accrue will own all
the core technology assets required for a complete eBusiness analytic
solution-comprehensive data collection technology, scalable, high-performance
data processing, descriptive and predictive data modeling and flexible analysis
and reporting. Our ability to leverage these technologies, as well as Pilot's
strong worldwide distribution channels and partners, will allow us to deliver
the most advanced eBusiness analytic applications and give us unassailable
market leadership."
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Pilot's innovative, advanced business intelligence technology includes EIS
graphical user interface development that converts complex data into actionable
information; "hybrid" OLAP (HOLAP) for accessing very large databases with
powerful analysis capabilities; and Time Series Intelligence that offers the
most advanced method of analyzing and reporting on time and period attributes.
Pilot's analytical applications are used by many of the largest corporations in
the world such as DaimlerChrysler, Ingersoll-Rand and Panasonic, to measure and
understand operational performance, customer activity and market trends. Pilot
has established a strong distribution channel through its more than 50
distributors and system integrators in the U.S., Europe, Asia Pacific, Africa
and South America.
ABOUT PILOT SOFTWARE
Pilot Software is a leading provider of business intelligence solutions that
include expertise, platform technology, services, and focused applications. The
company's solutions are used extensively in Global 2000 companies seeking to
extend the understanding of their businesses, customers and markets across
corporate intranets and the Internet. Working with large and diverse data sets,
Pilot solutions deliver information to thousands of users facilitating
insightful decision making across the enterprise. Pilot solutions run in both
Windows(R) and browser-based environments.
ABOUT ACCRUE SOFTWARE
Accrue Software is the leading provider of eBusiness analytic solutions for
optimizing visitor response to Web-based campaign, content, commerce and
affiliate initiatives. Accrue's complete line of analytic applications offers
companies the ability to target their most profitable customers by understanding
behavior and purchasing trends for different visitor segments: Converting Clicks
to Customers(TM). Accrue Software was founded in 1996 and has its headquarters
in Fremont, Calif., with regional sales offices throughout the U.S., and an
international headquarters in London, England. Accrue has strategic partnerships
with Annuncio, Art Technology Group, ABC Interactive, BroadVision, DoubleClick,
IBM, Informix, Intel/iPivot, JDA, MarketFirst, MicroStrategy, OgilvyOne
Interactive, Open Market, Oracle Corporation, Siebel, Unica, Vignette, and
Xchange. Accrue Software can be reached at 1-888-4ACCRUE or 510-580-4500 and at
www.accrue.com.
Except for the historical information contained herein, the matters discussed in
the news release are forward-looking statements that involve risks and
uncertainties that could cause actual results to differ materially from those in
such forward-looking statements. Accordingly, you should not place undue
reliance on these forward-looking statements, which apply only as of the date of
this press release. Potential risks and uncertainties include, without
limitation, Accrue's contemplated acquisition of Pilot as described in this
press release may not be consummated on time or at all, and unexpected
difficulties associated with the integration of the personnel, operations and
products of Pilot with Accrue's personnel, operations and products may occur,
which may result in greater costs, lesser revenues or fewer benefits than Accrue
currently expects to result from this transaction. These and other risk factors
are described in detail in the Company's Registration Statement on Form S-1, and
in the Company's other filings with the Securities and Exchange Commission.
Accrue does not undertake any obligations to publicly update any forward-looking
statements to reflect events or circumstances after the date on which any such
statement is made or to reflect the occurrence of unanticipated events.
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Accrue, Accrue Insight, Hit List, Vista, BuyPath, DataLink, Decision Series and
NeoVista Assort and Profile are trademarks of Accrue Software, Inc. All other
trademarks are the sole property of their respective owners.
FOR MORE COMPANY & PRODUCT INFORMATION:
Accrue Software, Inc.
Alyce Menton
510/580.4500
[email protected]
Liz Hammonds
Shandwick International
650-532-4082
[email protected]
