Seagull Software Signs Letter of Intent to Acquire
Farabi Assets
Atlanta, GA – 27 February 2006
Seagull Software (Euronext: SEAGULL), announced today that it has executed a letter of intent to acquire certain assets of Montreal, Canada-based Farabi Technology Corporation including all software products and intellectual property, the Farabi brand name and the company’s installed base of customers.
“We continuously seek opportunities to enhance shareholder and customer value through expanding our geographic reach, product portfolio and customer base,” said Don Addington, Seagull Software CEO and President. “Farabi Technology has been a highly respected emulation and integration software company since 1987. This combination is expected to expand Seagull Software’s presence in Canada and the Middle East, add over 200 customers to our installed base and give us additional .NET technology and expertise.”
Farabi Technology customers are located primarily in Canada, the Middle East and the U.S. and include the National Bank of Canada, Continental Airlines, and Saudi Airlines. In addition, Farabi has a significant market share in the government and banking sectors in the Middle East Gulf region.
Michel Kassar, President of Farabi Technology, said “We are extremely excited by the opportunity to combine our market footprint with Seagull Software’s presence in the United States and Europe. We also see great opportunities for ongoing technology innovation as we bring together two deeply experienced organizations.”
Plans include maintaining Farabi Technology’s Montreal development lab and sales office, and expanding the strong relationship with its Middle East distributor to include Seagull Software’s LegaSuite products. Closing of the transaction is anticipated to occur within one month, subject to completion of certain closing conditions and the definitive purchase agreement.
About Seagull Software
Seagull Software specializes in technology that transforms "legacy" applications into SOA-compliant Web services, helping enterprises achieve exponentially faster IT support for business change, governance and compliance. Our LegaSuite® software platform includes integration, GUI, workflow and terminal emulation technology. With LegaSuite, customers connect legacy applications on IBM mainframe, VME mainframe, System i, OpenVMS and UNIX-VT and Windows client/server platforms to the Web, to other middleware and to newer-generations of applications such as portals, CRM and SCM. LegaSuite is based on open standards including Web services, XML, J2EE and .NET. Powerful and innovative tools require no coding, which means rapid results, reduced risk and no maintenance burden. Committed to providing the best customer experience in the industry, Seagull Software’s technology is in use in more than 10,000 business and government organizations worldwide, and by millions of end users. Seagull Software has direct operations in the United States, Canada, the Netherlands, UK, France, and Germany, supplemented by distributors serving approximately 30 additional countries. The company was acquired by Rocket Software (www.rs.com) in 2007. For more information, visit www.seagullsoftware.com.
NOTE TO EDITORS: The correct usage of our company name is Seagull Software.
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unpredictable customer demand; intense competition; rapid technological change;
unpredictable market acceptance of new products; and market instability and/or
reduction in software purchasing caused by exceptional circumstances.
