Verity to Acquire Strategic Assets from NativeMinds

Feb 20, 2004

Verity Inc. has entered into a definitive agreement to acquire the intellectual property, certain customer agreements and other strategic assets of NativeMinds Inc., a privately held software company and provider of integrated self-service solutions. Both companies' boards of directors have approved the definitive purchase agreement. Under the terms of the all-cash deal, valued at $3.8 million, Verity will acquire NativeMinds' technology portfolio, an integrated set of tools that provides an interactive contact point for customer inquiries. It includes the NeuroServer Engine that manages the interaction between a customer and a vRep, or virtual representative; the vRep Management System (VMS) to track, measure, and improve a vRep solution; and a set of reporting and analysis tools to help assess performance, identify content opportunities, and gather valuable customer insight. In addition, Verity expects to hire approximately nine employees from NativeMinds' development, professional services, and sales organizations. According to Verity, integration is expected to be smooth and swift, and is expected to be accretive within the first full quarter after the close. Responsibility for NativeMinds' customers will transition to Verity as part of the acquisition.

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