Siebel Systems to Buy Janna Systems
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[Toronto, CANADA]- Siebel Systems Inc., a supplier of e-business application software, will acquire Janna Systems Inc., a provider of e-business solutions for the financial services industry in a share exchange transaction.
Siebel Systems will integrate Janna's technology into the Siebel eBusiness Applications, enhancing its multi-channel e-business solutions for financial services institutions in the retail banking and brokerage, institutional finance and insurance industries.
Siebel Systems' financial services customers include Bank of America Corp., Charles Schwab & Co., Inc., The Chase Manhattan Corp., Deutsche Bank, Fidelity Investments, The Hartford Financial Services Group, Prudential plc, and Zurich Insurance.
Janna Enterprise Suite 2001 is a solution for institutional finance customers, including investment banking, institutional sales, research and private client services. Its clients include Allstate Insurance, Bank One, Dain Rauscher, First Union Securities, Lehman Brothers, Merrill Lynch and TD Bank Financial Group.
The companies will integrate the two complementary product families into a single product suite based on a common Web architecture beginning with Siebel Financial Services 2001, planned for release in Summer 2001.
Together, Siebel Systems and Janna will fully support all of their current customers and products and will offer a comprehensive upgrade path to the unified Siebel Financial Services product line. The transaction is expected to close in the fourth quarter 2000.