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Exhibit 99.1
Clarus Expands Global Reach Through Acquisition of Redeo Technologies,
Inc.
Clarus Gains Market Advantage With B2B E-Commerce Global Payment Settlement
Portal
ATLANTA, June 1 /PRNewswire/ -- Clarus Corporation (Nasdaq: CLRS - news), a
leading business-to-business (B2B) e-commerce solution provider, announced today
that it has acquired Redeo Technologies, Inc. and its parent company, SAI
(Ireland) Ltd. for a total of $60 million. Redeo is a pioneer in providing
global payment settlement to power any B2B platform while also providing
reconciliation and netting capabilities. SAI is a Limerick, Ireland-based
financial services software firm.
Clarus(TM) will incorporate Redeo's web-based payment settlement, inter-company
netting and reconciliation capabilities into its Clarus' eProcurement(TM) and
Clarus' eMarket(TM) software. Clarus e-commerce solutions focus on openness and
interoperability to be compatible with the broadest array of platforms. The
Redeo acquisition is a critical step toward delivering trading services that
enhance and speed the delivery of global B2B platforms.
"Redeo's unique global payment settlement and reconciliation capabilities are
critical to successful deployment of B2B e-commerce platforms," said Steve
Jeffery, president and CEO of Clarus. "This open, interoperable application
technology is not available on any existing B2B platforms, and provides a
tremendous strategic advantage to Clarus allowing us to target all types of
platforms including portals, consortiums and supplier B2B sites."
"In addition to the technology itself, this investment expands our global
presence and adds valuable international expertise in working with multiple
currencies and languages," Jeffery said.
As part of the acquisition, Clarus gains 125 Global 2000 customers in over 200
sites in Europe, Asia Pacific, Latin America and North America. They include:
Ciba Specialty Chemicals, Sumitomo, United Distillers, Tellabs, Nortel, Abbott
Labs and Johnson & Johnson.
"This represents the best go to market strategy for our SAI-Redeo eCommerce
offerings and we are very pleased to be part of one of the worlds leading
eCommerce solutions," commented Chris Byrne and Richard O'Donnell, Redeo/SAI
founders. "We have been market leaders in electronic financial services and
we're very excited to bring these B2B capabilities to Clarus. We believe Clarus
has the vision and innovation to dominate the B2B e-commerce industry's digital
marketplace segment by delivering differentiated trading services such as the
global payment settlement portal."
Clarus provides a comprehensive suite of B2B e-commerce solutions, including
Clarus(TM) eProcurement and Clarus(TM) eMarket. The Clarus solutions are built
exclusively to take
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advantage of the latest Microsoft Windows DNA technologies to deliver
reliability, scalability and cost performance advantages essential for e-
commerce solutions.
The acquisition, completed May 31, 2000 includes Redeo Technologies, SAI
(Ireland) Ltd., and i2Mobile.com. i2Mobile.com is a wireless content and
technology provider delivering value-added solutions for e-commerce. The
founders, Christopher J. Byrne and Richard M. O'Donnell will continue to run the
Limerick site, which will become the Product management operation for Clarus
Europe. Five percent of SAI was owned by 13 employees who stand to share in the
consideration.
Steve Jeffery of Clarus will be conducting a brief conference call to discuss
this announcement today, June 1, at 10:00 a.m. Eastern time. For more
information about the acquisition go directly to www.claruscorp.com, or listen
to the conference call by visiting http://www.streetfusion.com .
About Redeo Technologies Inc.
Redeo Technologies, Inc., a subsidiary of SAI (Ireland) Ltd. is a financial
services software firm located in Limerick, Ireland. The company provides
software for cash management, payment settlement, reconciliation and netting.
Its software is particularly suited for the multi-national, multi-currency
market, and is employed in more than 200 sites in Europe, Asia Pacific, Latin
America and North America.
About Clarus
Atlanta-based Clarus Corporation ( www.claruscorp.com ) (Nasdaq: CLRS - news), a
leader in business-to-business (B2B) e-commerce, provides Web-based procurement
software and services that exploit the global marketplace of the Internet to
manage corporate purchasing and enable digital marketplaces. Clarus is the clear
alternative in B2B e-commerce supporting the open, direct Internet model based
on the ClarusDirect(TM) architecture. This architecture directly connects buyers
and suppliers to maximize cost savings, improve procurement efficiencies, and
create new revenue opportunities for large and mid-sized companies. Clarus
solutions are being deployed at customer sites including Burlington Northern
Santa Fe Corp., Cinergy, Comcast Corporation, First Data Corporation, Gjensidige
NOR, MasterCard International, MetLife, Parsons Brinckerhoff, Perot Systems and
Wachovia.
This press release contains forward-looking statements within the meaning of
Section 27a of the Securities Act of 1933 and Section 21e of the Exchange Act.
Actual results could differ materially from those projected in the forward-
looking statements as a result of certain risks including that the benefits
expected by the company as a result of this announcement may not occur.
Throughout this release, software and hardware products are mentioned by name.
In most, if not all, cases, these product names are claimed as trademarks by the
companies that manufacture the products. It is not our intention to claim these
names or trademarks as our own.
