South San Francisco, California - May 31, 2001 - Actuate® Corporation (Nasdaq: ACTU), the Information Delivery market leader, today announced it has completed its acquisition of privately held Java reporting software vendor Tidestone Technologies.
The acquisition, which closed on May 31, 2001, was completed following approval by Tidestone’s shareholders. Under the terms of the agreement, Actuate issued approximately 870,000 shares in exchange for all outstanding shares of Tidestone.
“This acquisition adds key customer-requested functionality to Actuate’s Information Delivery solutions, while increasing new business opportunities within the financial services market and our OEM channel,” said Pete Cittadini, Actuate CEO. “Actuate can now leverage the knowledge of more than 100 million Microsoft Excel users worldwide by offering customers advanced server-based spreadsheet capabilities for developing and accessing Web-based reports.
“Through the acquisition, Actuate customers will benefit from the ability to manage spreadsheet reports and analytics within the Actuate server. They will also be able to embed full-function spreadsheets into Actuate reports and save Actuate reports as Excel spreadsheets,” noted Cittadini.
Tidestone’s spreadsheet reporting technology, written entirely in Java, enables Actuate to extend its commitment to customers building e-Business applications consistent with the J2EE protocol by providing an Excel-compatible spreadsheet engine that embeds powerful reporting features into Java-based applications.
Development and sales efforts for Tidestone’s reporting software will remain centralised in Overland Park, Kansas.
As previously stated, Actuate has provided the following revised financial guidance for fiscal 2001 and 2002. Currently, Actuate believes there will be no material change to the revenue projections previously announced for fiscal 2001. Actuate also expects there will be a dilutive effect on earnings per share of no more than $.01 for both Q3 and Q4 of fiscal 2001 and that the acquisition will have an accretive impact on fiscal 2002 earnings of approximately $.03 per share.
Actuate founded and co-leads the BIRT open source project, which is used by more than 2.5 million developers around the globe and serves as the foundation of the ActuateOne® platform. Applications built on ActuateOne deliver more business and consumer insights to more people than all BI companies combined — ensuring organizations are ready for the exponential growth of Big Data and the proliferation of touch devices.
The ActuateOne platform empowers developers to rapidly develop custom, BIRT-based business analytics and customer communications applications. ActuateOne applications built with one BIRT design can access and integrate any data, including unstructured sources. They provide one user experience regardless of skill level and are supported by one platform for any cloud, hybrid, on-premise, web or touch device deployment.
Headquartered in Silicon Valley, Actuate has over 5,000 customers globally in a diverse range of business areas including financial services, technology and the public sector. Actuate is listed on NASDAQ under the symbol BIRT. For more information, visit www.actuate.com or engage with the BIRT community at www.birt-exchange.com.
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