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Versata Enterprises Acquires Clear Technology
Acquisition Expands Leading Portfolio of Financial Services Solutions
that
Drive Customer Cost Reductions
AUSTIN, TX, May 5, 2008 -Versata Enterprises, Inc. (Versata), a
leading provider of enterprise software solutions announces today the
acquisition of Denver-based Clear Technology, Inc. (Clear), a leading
provider of business process automation solutions for the financial
services, and insurance industries.
Versata, based in Austin, TX, will operate Clear as a stand-alone entity
within its Financial Services Business Unit. Clear joins Versata's
growing family of enterprise software companies, including Versata
Software, Inc., Versata, Inc., Artemis International Solutions
Corporation, Nextance Corporation, and Gensym Corporation. Versata
will rollout its market-leading Customer Success Program to Clear
customers, thereby emphasizing Versata's intense focus on aligning
investments with customer priorities. Versata's renowned focus on
customer success maximizes customer business impact while
facilitating multi-decade relationships.
"Joining Versata will enable Clear to leverage the resources of a larger
global company similarly focused on delivering business value to
customers through robust, agile applications," said Brian S. Cohen,
Clear's CEO. "We expect the acquisition to enable Clear to provide our
customers with a broader set of product and services offerings, as well
as continue to focus on the significant business benefits of Clear's
technology and solutions."
Randy Jacops, CEO of Versata Enterprises, commented, "We are
excited to welcome Clear Technology to the Versata family and
promise to bring Versata's renowned customer success focus to Clear's
customers. Versata's global scale will enable us to continue and
advance Clear's products to benefit both Clear and existing Versata
customers. We embrace Clear's focus on reducing cost and improving
business efficiency and look forward to continued innovation to
advance our industry-leading solutions for Financial Services
customers."
"The acquisition of Clear Technology extends our proven solution set
for the Insurance and Brokerage industries into the claims, policy
administration, and underwriting areas of the business," said Chris
Smith, COO of Versata Enterprises. "Our combined solution set will
position Versata to offer powerful, modern back office solutions
demanded by the world's largest Insurance and Brokerage companies.
We believe we have the most efficient and capable global organization
in the world, and we leverage that capability to deliver customer
success. Versata has a long history of operational efficiency enabling
us to deliver the unexpected and we will continue that tradition with
Clear."
Versata will combine Clear's operations with headquarter operations in
Austin. Additionally, over the next few weeks, Versata executives
expect to meet with Clear's customers to emphasize Versata's
commitment to continuity, describe the benefits of the customer
success program, and formulate a plan to ensure continued mutual
success.
ABOUT CLEAR TECHNOLOGY
Clear Technology provides an innovative suite of software products for
insurance companies that deliver dramatic reductions in operating
costs by automating and transforming the way employees work. Our
clients are achieving breakthrough improvements in consistency,
accuracy, and productivity while significantly reducing operating costs.
Clear Technology's suite of insurance solutions has enabled some of
the world's largest insurance companies to achieve new levels of
performance by leveraging - not replacing - existing systems. Clear
Technology is based in Westminster, Colorado with sales offices
located throughout the U.S. and United Kingdom. Further information
is available at http://www.clear-technology.com.
ABOUT VERSATA ENTERPRISES, INC.
With a global presence covering 45 countries, Versata Enterprises
solves the most complex business problems for the world's largest
organizations. Versata Enterprises comprises a number of leading
enterprise solution providers, including Versata, Inc., Artemis
International Solutions Corporation, Nextance, Inc., and Gensym
Corporation. Versata distinguishes itself in the software industry by
focusing on customer priorities as driven by value delivered. Versata's
market-leading Customer Success Program ensures customer
involvement in product decisions and business priorities and provides a
twice-yearly opportunity for customers to score Versata's performance
against commitments. Versata's world-class engineering capability
ensures substantive and valuable product releases, thereby ensuring
customer success. Versata also offers customers the opportunity to
leverage Versata's global efficiency by offering a menu of services to
help customers lower the cost of technology services across the
enterprise. Versata's relentless focus on customer priorities, coupled
with an unmatched global engineering capability, provides Versata
customers continuous innovation and repeatable value propositions.
Further information is available at http://www.versata.com.
For more information, contact:
Julie Bosshart
Versata | Artemis | Nextance
6011 W. Courtyard Dr. Suite 300 Austin, TX 78730
Ph: 512.874.3316 | julie.bosshart@versata.com |
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