Stellent Completes Optika Merger

Jun 01, 2004

Stellent, Inc., a provider of content management solutions, has announced that at separate special meetings, the shareholders of Stellent and Optika Inc. approved the merger between the two companies. In the merger, which was completed shortly after the shareholder meetings, Stellent acquired Optika for approximately 4.2 million shares of Stellent common stock, $10 million in cash and the assumption by Stellent of Optika's outstanding options. With the closing of the merger, former stockholders of Optika now own approximately 16% of the outstanding shares of Stellent common stock, and former Stellent shareholders own approximately 84% of the combined entity.

Mark Ruport, former president, CEO, and chairman of Optika Inc., has been appointed EVP of operations for Stellent. In this role, Ruport is responsible for the strategy and execution of Stellent's worldwide sales, consulting services and alliances organizations, and reports to Robert Olson, Stellent's president and CEO. Further organizational changes include the addition of Alan Menkes, a former Optika board member, to Stellent's board of directors. Menkes became an Optika director in March 2000. He is the managing partner of Empeiria Capital, a private equity investing firm.

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