Hummingbird Acquires Valid Information Systems Limited

Jul 08, 2003

Hummingbird Ltd., a developer of enterprise information management systems (EIMS), has announced the acquisition of Valid Information Systems Limited (Valid). Founded in 1989, Valid is a privately held company in the compliance and records management market in the United Kingdom. The recently announced LegalKEY and Kramer Lee & Associates acquisitions strengthen Hummingbird's ability to deliver practice management solutions for the legal sector. The Valid acquisition also accelerates Hummingbird's delivery of a multi-platform Smart Enterprise Suite, as the Valid solution can be deployed on a variety of J2EE application servers, including BEA WebLogic, IBM WebSphere, and Oracle 9iAS. Hummingbird acquired the shares of Valid for initial consideration of British Pounds 10 million (US $16.5 million) in cash and additional consideration of British Pounds 8 million (US $13 million) in cash payable over 2 years, based on performance targets. Valid will operate as a wholly owned subsidiary of Hummingbird, continuing to support and maintain all customer implementations. Hummingbird will continue to sell the Valid products in the UK without interruption. The existing Valid management team and employees will remain with their current responsibilities and positions.

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