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Filed by PSINet Inc.
Pursuant to Rule 425 under the Securities Act of 1933
and deemed filed pursuant to Rule 14a-12(b) and Rule
14d-2(b) of the Securities Exchange Act of 1934
Commission File No.: 0-25812
Subject Company: Metamor Worldwide, Inc.
Commission File No.: 0-26970
The following is a slide presentation distributed by PSINet Inc. to
analysts.
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[ARTWORK]
[LOGO] PSINet/SM/
Overview of
Metamor Worldwide Acquisition /
Xpedior Investment
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The Internet Super Carrier
[LOGO OF PSINET]/SM/
Global Access Platform
o Tier 1 backbone
o 1.0MM+ OC-12 fiber miles
o 800 POPs, 28+ countries
o 90K+ enterprise customers
o 3MM+ desktops
Global Hosting Platform
o 24 State-of-the-art Web Hosting Centers
o Over 2.0MM sq. ft. capacity
o Major telecom markets
o Fully managed and colocation services
Global Applications
o e-Commerce processing
o Value-added services
o Wireless
o Outsourced solutions
Become the dominant global provider of IP communications services to enterprises
2
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Metamor / Xpedior Transactions:
The Evolution of Managed Services
[LOGO] PSINET/SM/
o Internet Super Carrier
o IP communication products and services
o Focus on middle-market business customers
o Over 4,000 employees with full operations in 28 countries on 5 continents
[LOGO] METAMOR
o Leading global provider of enterprise solutions
o Application development, network integration and managed services solutions
o Focus on middle-market business customers
o Over 4,000 employees in over 80+ domestic and international offices
[LOGO] XPEDIOR/SM/
o Leading e-Business services provider
o Turnkey e-Business and e-Commerce solutions
o Focus on Global 2000 and Internet-centric customers
o Over 1,400 employees in 13 domestic and 3 international knowledge centers
3
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Combination Creates First Global Provider
of IP Solutions and Managed Services
o Unmatched product mix, technical expertise, customer base, infrastructure and
scale
o Ability to provide a range of turnkey enterprise solutions and legacy system
integration to fully outsourced e-Business solutions
o Superior quality solutions - combines hosting and Internet expertise with
application development / systems integration
o Ability to productize vertical applications for delivery in a managed, hosted
environment
o Single service provider -- provides "one-stop" solution for enterprises
looking to become e-enabled
4
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Strategic Rationale
o Delivers tremendous worldwide cross-selling and upselling opportunities
o Combines complementary skill sets to fully serve customer requirements
o Ability to capitalize on migration of legacy ERP systems to Internet hosted
solutions and maintenance of applications in managed environments
o Leverage PSINet's global hosting and IP-distribution platform to enable rapid
geographic expansion
o Accelerates development of new IP and e-Business products and services
o Speeds entry into high margin ASP and managed services offerings
5
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Summary of Terms
On March 21, 2000, PSINet agreed to acquire Metamor for $1.9 billion
Consideration Per Metamor Share: 0.90 fixed exchange ratio
Implied Price (1): $45.00
Acquisition Premium: 178%
Structure: Purchase accounting
Break-up Fee: $45.0 million in certain circumstances
Board Representation: None
Pro forma Metamor Ownership: 16%
Other Conditions: Shareholder approval, tax-free treatment
Investment in Xpedior: $50.0 million convertible preferred,
8.5% coupon, $37.50 conversion price
(1) Based on PSINet share price of $50.00 per share.
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Metamor Snapshot
o Broad range of IT solutions including
- e-Business solutions - 24x7 hosting and IT support systems
- Enterprise solutions - Network integration
- Customize software and - Training and technical documentation
application development
- Enterprise application integration
o Mid-sized and Fortune 1000 companies
o Vertical market focus: Financial Services, Health Care & Pharmaceuticals,
Manufacturing & Industrial, Retail & Distribution, Telecom and Government
o Over 4,000 employees located in 80+ offices in U.S., India, Europe and Asia
o 1999 revenues and EBITDA of $480 million and $58 million, respectively
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Xpedior Snapshot
o 80% owned by Metamor Worldwide
o Comprehensive e-Business solutions to Global 2000 companies and emerging
Internet businesses
o Services include
- Digital Business Strategy - e-Business Applications and
Integration
- Electronic commerce - e-Business Technology Management
- Digital Branding - e-Business Networks
- e-Business Intelligence - Enterprise portals and knowledge
management
o Over 500 customers including Citibank, Digitalworks.com, HP, MCI, Sears
- Xpedior has historically referred business leads to other hosting and
network providers
o Vertical markets include e-Commerce, Financial Services, Technology, Media &
Publishing, Retail & Distribution, Telecommunications
o Over 1,400 employees in 13 U.S. markets, U.K., Australia and Canada
o 1999 revenues and EBITDA of $143 million and $11 million, respectively
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Blue Chip Customer Base
METAMOR
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[LOGO] CSX CORPORATION
[LOGO] OfficeMax(R)
[LOGO] GE
[LOGO] 3M
[LOGO] Nestle
[LOGO] SeaLand TECHNOLOGY, INC.
[LOGO] United Nations
[LOGO] CDC - Centers for Disease Control and Prevention
[LOGO] Countrywide.com
[LOGO] Mobil
[LOGO] Sprint(R)
[LOGO] IBM(R)
[LOGO] Lotus(R)
[LOGO]
xpedior(TM)
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[LOGO] Citibank (R)
[LOGO] onlineofficesupplies.com
[LOGO] PRIO
[LOGO] mailAsia.com
[LOGO] MCIWORLDCOM
[LOGO] SEARS
[LOGO] HEWLETT PACKARD(R)
[LOGO] AT&T
[LOGO] Bell
[LOGO] MODE
[LOGO] BLOCKBUSTER VIDEO(R)
[LOGO] NEXTEL
[LOGO] SAFEWAY
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Enormous Market Opportunity
($ in billions)
Worldwide IT Services
10% CAGR
1999 2000 2001 2002 2003
$317 $349 $383 $421 $468
Worldwide Internet
Professional Services
57% CAGR
1999 2000 2001 2002 2003
$12.9 $21.5 $35.2 $54.1 $78.6
Worldwide ASP Services
97% CAGR
1999 2000 2001 2002 2003
$0.3 $0.6 $1.3 $2.4 $4.5
Source: IDC
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End-to-End e-Business
Solutions -- A Megatrend
Metamor/ Pro
Enterprise Requirements PSINet Xpedior Forma
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Enterprise / Applications
Development X X
Turnkey e-Business Solutions X X
Network Integration/Testing X X
Global Application Delivery
Network Platform X X
e-Commerce / Transaction Processing X X
Global Hosting/Colocation Facilities X X
Managed Services X X X
Single-source Provider X
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Solutions for enterprises migrating mission critical applications
to the Internet
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Case Study: United Nations
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Goal o On-line document archival and publishing systems
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Solution o Design, delivery, integration and maintenance of Optical Disk
System (ODS) for archiving
o Follow-on project: repository and database implementation
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Results o Web LAN/WAN, CD-ROM and ISDN access
o 150 Gigabyte repository, Index database, full-text database
o 99% availability, 24 hours/day, 7 days/week
Opportunity o Provide hosting and managed services
o Provide network services and Internet connectivity
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Case Study: Citibank
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Goal o Create an online commercial bank (CitiDirect)
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Solution o Strategy and architecture
o Web based customer support
o Electronic billing
o Electronic payments
o Self service for account maintenance
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Results o Lead to continued enhancement projects
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Opportunity o Penetrate Citibank to provide network services
o Integrate transaction network services
o Host site in multiple locations
o Provide full managed services solution
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COMPETITIVE ADVANTAGE
Global Manageed
Global Hosting Applications/ ASP Enterprise e-Business
Network Centers Hosting Services Solutions Solutions
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[LOGO PSINET] x x x x x x
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[LOGO EXODUS] x x
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[LOGO DIGEX] x x x
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[LOGO USI] x
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[LOGO VERIO] X X
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[LOGO QWEST] X
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Result: More, Better, Longer
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PRO FORMA REVENUES
Annualized Q4'99 Revenues
(in millions)
[LOGO] PSINet /SM/ [LOGO] METAMOR [LOGO] xpedior /TM/
Internet Access $426 [Pie Chart] Metamor $432
Carrier Services 176 Xpedior 163
Web Hosting 58 59% ---------------------------
e-Commerce 184 41% Total $595
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Total $844
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EXPECTED SYNERGIES
o Cross-selling into PSINet, Metamor and Xpedior customer bases
o Bundling of PSINet access/hosting/e-Commerce services with Metamor and
Xpedior solutions
o Accelerates entry into ASP market
o Expands breath of e-Commerce offerings
o Accelerates utilization of PSINet's global Web Hosting Centers
($ in millions) 2001 2002 2003
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PSINet Revenue Enhancement $29.4 $94.3 $211.4
Metamor Revenue Enhancement 17.6 26.4 30.8
Xpedior Revenue Enhancement 17.0 25.5 29.8
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Total Revenue Enhancement $ 64.0 $146.2 $271.9
Incremental Gross Profit $ 32.7 $ 78.7 $152.2
Incremental EBITDA (Pre Cost Savings) $ 14.6 $ 36.6 $ 72.8
Cost Savings 11.7 11.4 12.1
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Incremental EBITDA (After Cost Savings) $ 26.3 $ 48.0 $ 84.9
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PRO FORMA FINANCIAL MODEL
Pro Forma
Three-Year Target PSINet Metamor Xpedior Combined
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Revenue Growth 50% + 25% + 50% + 50% +
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Gross Margins 45-50% 40-45% 45-50% 45-50%
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EBITDA 20-25% 15-20% 15-20% 20-25%
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Minimal incremental Capex for Metamor and Xpedior businesses
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INVESTMENT HIGHLIGHTS
o First global provider of IP solutions and managed services
o Unmatched product mix, technical expertise, customer base, infrastructure and
scale
o Acquisition leverages global hosting and network platform
o Increases revenue per customer, customer retention and proportion of
high-margin value added services
o Accelerates development of new IP and e-Business products and services
o Adds significant revenue and cash flow without diluting growth
Arming the Internet Super Carrier
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A proxy statement/prospectus will be filed by PSINet Inc. ("PSINet") and Metamor
Worldwide, Inc. ("MWI") with the Commission as soon as practicable. YOU ARE
URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS TO
BE FILED WITH THE COMMISSION. THE PROXY STATEMENT/PROSPECTUS WILL CONTAIN
IMPORTANT INFORMATION THAT YOU SHOULD CONSIDER BEFORE MAKING ANY DECISION
REGARDING THE MERGER AND RELATED TRANSACTIONS. You may obtain a free copy of
the proxy statement/prospectus (when available) and other documents filed by
PSINet and MWI with the Commission at the Commission's web site at www.sec.gov.
The proxy statement/prospectus and other documents filed with the Commission by
PSINet may also be obtained free of charge from PSINet by directing a request to
PSINet Inc., 510 Huntmar Park Drive, Herndon, Virginia 20170, Attn: Corporate
Secretary. In addition, the proxy statement/prospectus and other documents
filed with the Commission by MWI may be obtained free of charge from MWI by
directing a request to Metamor Worldwide, Inc. at 4400 Post Oak Parkway, Suite
1100, Houston, Texas, 77027.
PSINet and its officers and directors may be deemed to be participants in the
solicitation of proxies from its stockholders with respect to the transactions
contemplated by the merger agreement and may have an interest either directly or
indirectly by virtue of their security holdings or otherwise. Information
regarding such officers and directors is included in PSINet's Definitive Proxy
Statement for its 1999 Special Meeting of Shareholders filed with the Commission
on August 31, 1999. This document is available free of charge at the
Commission's web site at http://www.sec.gov and from PSINet at the address set
forth above. MWI and its officers and directors may be deemed to be participants
in the solicitation of proxies from stockholders of MWI with respect to the
transactions contemplated by the merger agreement and may have an interest
either directly or indirectly by virtue of their security holdings or otherwise.
Information regarding such officers and directors is included in MWI's Proxy
Statement for its 1999 Annual Meeting of Stockholders filed with the Commission
on April 16, 1999. This document is available free of charge at the
Commission's web site at http://www.sec.gov and from the MWI at the address set
forth above.
The preceding communications contain forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. In particular, statements regarding the PSINet/MWI merger
are based on management's current expectations or beliefs and are subject to a
number of factors and uncertainties that could cause actual results to differ
materially from those described in the forward-looking statements. The
following factors, among others, could cause actual results to differ materially
from those described in the forward-looking statements: inability to obtain or
meet conditions imposed for governmental approvals for the merger; failure of
the PSINet or MWI stockholders to approve the merger; the risk that the PSINet
and MWI businesses will not be integrated successfully; and costs related to the
merger. You should also give careful consideration to cautionary statements made
in PSINet's reports filed with the SEC, especially the section entitled
"Forward-Looking Statements" in the "Business-Risk Factors" section of PSINet's
Form 10-K for the fiscal year ended December 31, 1999.
