Vignette Corp. has entered into a definitive agreement to acquire privately held Intraspect Software, Inc., a provider of enterprise collaboration solutions. Under the terms of the agreement, Vignette will pay $20 million, comprised of $10 million in cash and approximately 4.2 million shares of Vignette stock, for Intraspect. The transaction is subject to approval from the Intraspect stockholders and customary closing conditions. The combination of Vignette's content management and portal products with Intraspect's collaboration offerings is designed to provide organizations worldwide with an enterprise software foundation to increase the competitive advantage for enterprises.
This announcement accelerates Vignette's progress on its stated corporate direction and strategy of powering the enterprise Web with a new generation of Enterprise Web Applications. The resulting combination of Vignette's and Intraspect's, standards-based technologies is intended to help fulfill customer requirements and provide a unified software solution for information management, integration, delivery, and now collaboration.
As part of Vignette, the Intraspect 5 platform will continue to be sold, supported and enhanced as well as offered in an integrated suite. Vignette will also integrate Intraspect technology with its content management and portal solutions, enabling customers to work with a single vendor for the technologies required to power the enterprise Web. Intraspect's products are designed to integrate collaboration into an enterprise's existing business processes.