VERITAS Software to Acquire Precise Software Solutions
The acquisition of Precise enables VERITAS to ensure that
mission-critical applications such as SAP, Oracle, BEA and Microsoft
Exchange run faster and have less owntime, leading to better end-user
productivity and higher return on investment. VERITAS keeps
applications running in the face of hardware and software failure.
Precise continuously monitors and analyzes all components of the
application infrastructure -- web servers, application servers,
databases and storage -- allowing customers to proactively identify
and correct problems before they affect application response times.
"Precise Software Solutions is a strategic acquisition for our
business," said Gary Bloom, chairman, president and CEO of VERITAS
Software."Together VERITAS and Precise solve an unequalled range of
customer problems, from performance issues to hardware or software
failures to site outages. It's an end-to-end solution that only
VERITAS can provide."
With 20 consecutive quarters of revenue growth, Precise is a leader
in application performance management.
The acquisition is valued at $16.50 per share of Precise stock, for a
fully-diluted consideration of approximately $537 million. Taking
into account Precise's current cash position, the enterprise value is
approximately $400 million. Precise shareholders will receive $16.50
in cash, and if they elect, their consideration in up to 25% VERITAS
stock, with the remainder being paid in cash.
VERITAS Software Corporation (Nasdaq:VRTS), a leading storage
software provider, and Precise Software Solutions (Nasdaq: PRSE), a
leader in application performance management, have announced that
they agreed for VERITAS to acquire Precise in a transaction valued at
$537 million.