Witness Systems (NASDAQ: WITS), a leading global provider of
workforce optimization software and services, announced that today
it has acquired Demos Solutions Consulting Group Ltd. (also known
as Demos Solutions) and Exametric, Inc., the two leaders in
supplying enterprise productivity and resource planning solutions
to the financial services industry. The acquisitions broaden the
revenue opportunity and customer base for Witness Systems, further
extending the business value of its workforce optimization (WFO)
solutions from contact centers to bank branches and ultimately to
other areas in the enterprise. The aggregate purchase price for
both transactions is $29 million in cash plus a potential earn-out
of up to $18 million based on the growth of the business over the
next few years. The acquisitions will be financed from Witness
Systems� existing cash resources. These acquisitions are expected
to be accretive (before amortization of intangibles and other
acquisition-related costs) and add $13 million to $15 million to
the company�s revenue in 2007. �Today we�re announcing a pair of
innovative, market-changing acquisitions that expand our
opportunity by extending workforce optimization into the
enterprise,� said Dave Gould, CEO of Witness Systems. �This
combination creates immediate scale and momentum, with over $10
million of revenue from a blue chip customer base in the financial
services industry. We�ve been probing this market for a while and
believe it will emerge as a real growth driver for us over the next
18�24 months. By combining the two leaders, we enter this new
market with the deepest talent and strongest offering.� The two
companies will be combined and operate as Witness Enterprise
Solutions, a group focusing initially on WFO solutions for retail
bank branches and operations. Gould added, �Approximately 30
percent of our revenue is derived from financial services, and we
have been extending our overall reach through our leadership in
providing VoIP solutions. Starting with branch offices allows us to
leverage the congruence of WFO and VoIP, and is a natural catalyst
for our continued expansion across the broader enterprise.� Banks
Focused on Improving the Customer Experience According to the Bank
Administration Institute (BAI), a leading professional organization
focused on enhancing employee and organizational performance, 70
percent of customers view their bank as a commodity service
provider, and 30 percent desire a hands-on relationship. As a
result, BAI contends that it�s no longer enough for banks to know
what their customers want; they also need to understand the nuances
of how their customers feel. Many branch renewal projects are
targeting improving staff skills, such as consultative selling, and
broadening branch technology infrastructure. Further, according to
TowerGroup, a global research and consulting firm for the financial
services industry, a shift to relationship banking is clearly under
way in banks of all asset sizes. Banking customers are demanding a
consistent customer experience across all touch points. According
to Forrester Research, an independent technology and market
research company, banking is one of the industries with the most
comprehensive multi-channel requirements and sophisticated
multi-channel solutions. Enterprise WFO technology from Witness
Systems can now address this challenge both in the contact center
and retail branch banks. Demos Solutions and Exametric have both
built industry-leading solutions and an impressive customer base
committed to optimizing workforce performance. The new Witness
Enterprise Solutions group will be led by Darryl Demos, the CEO and
founder of Demos Solutions. �The combined organization will help
further enable companies to model and monitor business processes to
maximize their return on resource investments and the customer
experience,� explained Demos. �Creating accurate forecasts and
optimizing staff�resources is no longer a �nice to have� in the
competitive landscape for customers. Workforce optimization is the
only way to�improve margins�and drive customer and employee
satisfaction, which ultimately creates a more loyal and
profitable�customer base.� According to Dr. Ali S. Kiran, Ph.D.,
founder and CEO of Exametric, this acquisition will further the
company�s strategy of expanding to other markets while continuing
its strong, managed growth. �As part of the greater Witness Systems
organization, Exametric and Demos Solutions make a powerful
alliance through our combined programs that help banks improve and
quantify how changes in processes, layout, technology and staffing
impact both customer satisfaction levels and overall branch
efficiency,� said Dr. Kiran. With this combination, current Witness
Systems customers will be able to extend their technology
investment from the contact center to their branch offices and
other areas of the enterprise that impact the customer experience.
Similarly, Demos Solutions and Exametric customers will have access
to a broader range of WFO solutions, including customer interaction
recording, performance management, e-learning and other performance
improvement and analytical software, from the established market
leader, Witness Systems. William Evans, CFO of Witness Systems
added, �We have an established, proven model in place to ensure the
successful integration of products, people and processes following
strategic acquisitions, enabling meaningful value creation for our
customers and shareholders. We believe this combination will be
accretive to earnings in 2007 and will enhance our future value
proposition.� Financial Update Also today, the company provided a
preliminary estimate of third quarter 2006 revenue in the range of
$50 to $51 million, excluding hardware revenue of approximately $1
million. The company�s cash and short term investments exceeded
$160 million at September 30, 2006. Previously, on August 9, 2006,
Witness Systems announced that the company has voluntarily formed a
special committee of independent directors to review stock option
practices and grants. Given the status of the review, which is
ongoing, the company does not expect to be in a position to
announce further financial results for the third quarter until the
option review and audit procedures have been completed, appropriate
accounting adjustments and restated financial statements have been
finalized, and amended Reports on Forms 10-K and 10-Q have been
filed. Conference Call Information Witness Systems will conduct a
conference call on Tuesday, October 3, 2006 beginning at 8:30 a.m.
ET to discuss the details of the acquisitions and respond to
appropriate questions. The conference call and replay will be
available online at www.witness.com. About Demos Solutions Demos
Solutions is a leading productivity solution provider for the
financial services industry. Demos Solutions applies the Art and
Science of Workforce Optimization(SM) to improve the productivity
of leading financial services companies through its combination of
hands-on consulting and workforce management technologies. Demos
Solutions is the workforce optimization partner to four of the five
largest banks in Canada, and 33 percent of the top 100 North
American bank branches use Demos Solutions� StaffSmart Enterprise�
resource planning and scheduling tool. About Exametric Exametric
Inc. is a leading software solutions company specializing in
workforce management and optimization. The Exametric Workforce
Management Suite provides precision forecasting, automated
scheduling, time and attendance, and strategic planning solutions.
The solution helps companies predict service and transaction levels
in order to manage labor scheduling, improve customer satisfaction
and increase revenue. Exametric�s products are in use at more than
12,000 locations worldwide. About Witness Systems Witness Systems
(NASDAQ: WITS) is the worldwide leader in software and services
that help businesses capture customer intelligence and optimize
their workforce performance. The company's Impact 360� solution
features quality monitoring, compliance and IP recording, workforce
management, performance management and e-learning. Primarily
deployed in contact centers � as well as the remote, branch and
back offices of global organizations � the workforce optimization
solution captures, analyzes and enables users to share and act on
cross-functional information across the enterprise. With Impact
360, organizations can improve interactions and the underlying
back-office processes that enhance the customer experience and
build customer loyalty. For more information, visit us at
www.witness.com. Cautionary Note Regarding Forward-looking
Statements: Information in this release that involves expectations,
plans, intentions or strategies regarding the future are
forward-looking statements that are not facts and involve a number
of risks and uncertainties. They are identified by words such as
�will,� "anticipates," "expects," "intends," "plans," "believes,"
"estimates," and similar expressions and statements about present
trends and conditions that may extend into the future. These
statements are based upon information available to Witness Systems
as of the date of this release, and the company assumes no
obligation to update any such forward-looking statement.
Forward-looking statements believed true when made may ultimately
prove to be incorrect. These statements are not guarantees of
future performance and are subject to risks, uncertainties and
other factors, some of which are beyond our control and may cause
actual results to differ materially from our current expectations.
Some of the factors that could cause actual future results to
differ materially from current expectations include the company�s
ability to compete successfully in the future; fluctuations and
changes in customer demand and preferences; the timing of orders;
the company's ability to manage its growth; the risk of new product
introductions and customer acceptance of new products; the rapid
technological change which characterizes the company's markets; the
risks associated with international sales as the company expands
its markets, including the risks associated with foreign currency
exchange rates; the ability of the company to complete and
integrate successfully the Demos Solutions and Exametric
acquisitions and any other acquisitions or investments it may make;
strategy and execution risks relating to these and other
acquisitions and investments; the risk of management distraction
and other consequences that might result from the review of certain
option grants and option granting practices described in the
Current Report on Form 8-K filed by the Company on August 11, 2006
and related developments, as well as other risks identified under
the caption "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in the company's Form 10-K for
the year ended December 31, 2005 and its Form 10-Q for the quarter
ended March 31, 2006, as filed with the Securities and Exchange
Commission. Witness, Impact 360, Improve Everything and the Witness
logo are the trademarks (registered or otherwise) of Witness
Systems, Inc. protected by laws of the U.S. and other countries.
All other trademarks mentioned in this document are the property of
their respective owners. Witness Systems (NASDAQ: WITS), a leading
global provider of workforce optimization software and services,
announced that today it has acquired Demos Solutions Consulting
Group Ltd. (also known as Demos Solutions) and Exametric, Inc., the
two leaders in supplying enterprise productivity and resource
planning solutions to the financial services industry. The
acquisitions broaden the revenue opportunity and customer base for
Witness Systems, further extending the business value of its
workforce optimization (WFO) solutions from contact centers to bank
branches and ultimately to other areas in the enterprise. The
aggregate purchase price for both transactions is $29 million in
cash plus a potential earn-out of up to $18 million based on the
growth of the business over the next few years. The acquisitions
will be financed from Witness Systems' existing cash resources.
These acquisitions are expected to be accretive (before
amortization of intangibles and other acquisition-related costs)
and add $13 million to $15 million to the company's revenue in
2007. "Today we're announcing a pair of innovative, market-changing
acquisitions that expand our opportunity by extending workforce
optimization into the enterprise," said Dave Gould, CEO of Witness
Systems. "This combination creates immediate scale and momentum,
with over $10 million of revenue from a blue chip customer base in
the financial services industry. We've been probing this market for
a while and believe it will emerge as a real growth driver for us
over the next 18-24 months. By combining the two leaders, we enter
this new market with the deepest talent and strongest offering."
The two companies will be combined and operate as Witness
Enterprise Solutions, a group focusing initially on WFO solutions
for retail bank branches and operations. Gould added,
"Approximately 30 percent of our revenue is derived from financial
services, and we have been extending our overall reach through our
leadership in providing VoIP solutions. Starting with branch
offices allows us to leverage the congruence of WFO and VoIP, and
is a natural catalyst for our continued expansion across the
broader enterprise." Banks Focused on Improving the Customer
Experience According to the Bank Administration Institute (BAI), a
leading professional organization focused on enhancing employee and
organizational performance, 70 percent of customers view their bank
as a commodity service provider, and 30 percent desire a hands-on
relationship. As a result, BAI contends that it's no longer enough
for banks to know what their customers want; they also need to
understand the nuances of how their customers feel. Many branch
renewal projects are targeting improving staff skills, such as
consultative selling, and broadening branch technology
infrastructure. Further, according to TowerGroup, a global research
and consulting firm for the financial services industry, a shift to
relationship banking is clearly under way in banks of all asset
sizes. Banking customers are demanding a consistent customer
experience across all touch points. According to Forrester
Research, an independent technology and market research company,
banking is one of the industries with the most comprehensive
multi-channel requirements and sophisticated multi-channel
solutions. Enterprise WFO technology from Witness Systems can now
address this challenge both in the contact center and retail branch
banks. Demos Solutions and Exametric have both built
industry-leading solutions and an impressive customer base
committed to optimizing workforce performance. The new Witness
Enterprise Solutions group will be led by Darryl Demos, the CEO and
founder of Demos Solutions. "The combined organization will help
further enable companies to model and monitor business processes to
maximize their return on resource investments and the customer
experience," explained Demos. "Creating accurate forecasts and
optimizing staff resources is no longer a 'nice to have' in the
competitive landscape for customers. Workforce optimization is the
only way to improve margins and drive customer and employee
satisfaction, which ultimately creates a more loyal and profitable
customer base." According to Dr. Ali S. Kiran, Ph.D., founder and
CEO of Exametric, this acquisition will further the company's
strategy of expanding to other markets while continuing its strong,
managed growth. "As part of the greater Witness Systems
organization, Exametric and Demos Solutions make a powerful
alliance through our combined programs that help banks improve and
quantify how changes in processes, layout, technology and staffing
impact both customer satisfaction levels and overall branch
efficiency," said Dr. Kiran. With this combination, current Witness
Systems customers will be able to extend their technology
investment from the contact center to their branch offices and
other areas of the enterprise that impact the customer experience.
Similarly, Demos Solutions and Exametric customers will have access
to a broader range of WFO solutions, including customer interaction
recording, performance management, e-learning and other performance
improvement and analytical software, from the established market
leader, Witness Systems. William Evans, CFO of Witness Systems
added, "We have an established, proven model in place to ensure the
successful integration of products, people and processes following
strategic acquisitions, enabling meaningful value creation for our
customers and shareholders. We believe this combination will be
accretive to earnings in 2007 and will enhance our future value
proposition." Financial Update Also today, the company provided a
preliminary estimate of third quarter 2006 revenue in the range of
$50 to $51 million, excluding hardware revenue of approximately $1
million. The company's cash and short term investments exceeded
$160 million at September 30, 2006. Previously, on August 9, 2006,
Witness Systems announced that the company has voluntarily formed a
special committee of independent directors to review stock option
practices and grants. Given the status of the review, which is
ongoing, the company does not expect to be in a position to
announce further financial results for the third quarter until the
option review and audit procedures have been completed, appropriate
accounting adjustments and restated financial statements have been
finalized, and amended Reports on Forms 10-K and 10-Q have been
filed. Conference Call Information Witness Systems will conduct a
conference call on Tuesday, October 3, 2006 beginning at 8:30 a.m.
ET to discuss the details of the acquisitions and respond to
appropriate questions. The conference call and replay will be
available online at www.witness.com. About Demos Solutions Demos
Solutions is a leading productivity solution provider for the
financial services industry. Demos Solutions applies the Art and
Science of Workforce Optimization(SM) to improve the productivity
of leading financial services companies through its combination of
hands-on consulting and workforce management technologies. Demos
Solutions is the workforce optimization partner to four of the five
largest banks in Canada, and 33 percent of the top 100 North
American bank branches use Demos Solutions' StaffSmart
Enterprise(R) resource planning and scheduling tool. About
Exametric Exametric Inc. is a leading software solutions company
specializing in workforce management and optimization. The
Exametric Workforce Management Suite provides precision
forecasting, automated scheduling, time and attendance, and
strategic planning solutions. The solution helps companies predict
service and transaction levels in order to manage labor scheduling,
improve customer satisfaction and increase revenue. Exametric's
products are in use at more than 12,000 locations worldwide. About
Witness Systems Witness Systems (NASDAQ: WITS) is the worldwide
leader in software and services that help businesses capture
customer intelligence and optimize their workforce performance. The
company's Impact 360(TM) solution features quality monitoring,
compliance and IP recording, workforce management, performance
management and e-learning. Primarily deployed in contact centers -
as well as the remote, branch and back offices of global
organizations - the workforce optimization solution captures,
analyzes and enables users to share and act on cross-functional
information across the enterprise. With Impact 360, organizations
can improve interactions and the underlying back-office processes
that enhance the customer experience and build customer loyalty.
For more information, visit us at www.witness.com. Cautionary Note
Regarding Forward-looking Statements: Information in this release
that involves expectations, plans, intentions or strategies
regarding the future are forward-looking statements that are not
facts and involve a number of risks and uncertainties. They are
identified by words such as "will," "anticipates," "expects,"
"intends," "plans," "believes," "estimates," and similar
expressions and statements about present trends and conditions that
may extend into the future. These statements are based upon
information available to Witness Systems as of the date of this
release, and the company assumes no obligation to update any such
forward-looking statement. Forward-looking statements believed true
when made may ultimately prove to be incorrect. These statements
are not guarantees of future performance and are subject to risks,
uncertainties and other factors, some of which are beyond our
control and may cause actual results to differ materially from our
current expectations. Some of the factors that could cause actual
future results to differ materially from current expectations
include the company's ability to compete successfully in the
future; fluctuations and changes in customer demand and
preferences; the timing of orders; the company's ability to manage
its growth; the risk of new product introductions and customer
acceptance of new products; the rapid technological change which
characterizes the company's markets; the risks associated with
international sales as the company expands its markets, including
the risks associated with foreign currency exchange rates; the
ability of the company to complete and integrate successfully the
Demos Solutions and Exametric acquisitions and any other
acquisitions or investments it may make; strategy and execution
risks relating to these and other acquisitions and investments; the
risk of management distraction and other consequences that might
result from the review of certain option grants and option granting
practices described in the Current Report on Form 8-K filed by the
Company on August 11, 2006 and related developments, as well as
other risks identified under the caption "Management's Discussion
and Analysis of Financial Condition and Results of Operations" in
the company's Form 10-K for the year ended December 31, 2005 and
its Form 10-Q for the quarter ended March 31, 2006, as filed with
the Securities and Exchange Commission. Witness, Impact 360,
Improve Everything and the Witness logo are the trademarks
(registered or otherwise) of Witness Systems, Inc. protected by
laws of the U.S. and other countries. All other trademarks
mentioned in this document are the property of their respective
owners.
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