Auteo Media (AUTM) merges with Abstract Enterprises
* Amount: Undisclosed
* Terms: 1 AUTM share for each 4 Abstract shares
* Premium: n/a
* Industry: Online auto
* Scorecard: C+
SEATTLE, April 7, 2000–Auteo Media (OTCBB: AUTM), a leader in online data and media solutions for the auto industry, announced a signed letter of intent to merge by way of plan of arrangement with Abstract Enterprises Corporation, based in Vancouver, Canada. The acquisition will be accounted for as a pooling of interests and is expected to close in the quarter ending June 30, 2000. By acquiring Abstract Enterprises, Auteo Media gains full control and ownership of TYSA Corporation, which Auteo Media already held an 82.
5% stake in.
Auteo Media operates Autoloco.com and Bidthatcar.com, providing one-stop
convenience for consumers and dealers to locate and buy new and used
vehicles. TYSA Corporation is the largest point-of-purchase automotive
marketing company on the West Coast, and brings immediate benefits to
all of Auteo’s business units.
BroadBand Wireless Int’l acquires Jarvis Entertainment
* Amount: Undisclosed
* Terms: n/a
* Premium: n/a
* Industry: Wireless Internet access
* Scorecard: B+
CISCO, Texas & OKLAHOMA CITY, April 7, 2000–BroadBand Wireless International Corporation, or BBAN, has executed an Agreement in Principle with Jarvis Entertainment Group, a Texas based ISP and national Web Hosting operator, to acquire 100% of Jarvis for cash and stock.
The acquisition of Jarvis provides an immediate acceleration of BBAN’s build-out of its domestic high-speed wireless Internet network, by accessing Jarvis Networks’ extensive client base.
GTECH (GTK) terminates acquisition of On-Point (ONPT)
* Amount: $43.0 million stock/cash
* Terms: $3 for each On-Point share
* Premium: n/a
* Industry: Gaming equipment/services
* Scorecard: n/a
WEST GREENWICH, R.I., April 7–GTECH Corporation (GTK) announced that it has terminated its previously announced agreement to acquire On-Point Technology Systems (ONPT), following On-Point’s recent restatement of earnings for fiscal years 1997 and 1998.
GTECH is the world’s leading supplier of computerized online lottery products and services. On-Point provides instant ticket vending machines. The On-Point acquisition was to assist GTECH in expanding its participation in the growing instant ticket market.
Gores Tech acquires System Software Associates (SSAX)
* Amount: $52 million cash/25% stock
* Terms: n/a
* Premium: 1693%
* Industry: Professional Software
* Scorecard: D
CHICAGO, April 7–System Software Associates (OTCBB: SSAX) has agreed to sell all of its assets to a newly formed subsidiary of Gores Technology Group, which acquires and manages technology companies. The proposed transaction will follow the filing of a voluntary Chapter 11 bankruptcy protection proceeding by System Software, in which System Software will sell its assets to Gores for about $52 million in cash and 25% of the common stock of the newly-formed subsidiary. System Software said it expects to be required to use all of the cash received from the sale to pay its senior secured lenders and administrative claims in bankruptcy. The companies expect the sale to close within 45-60 days.
System Software, based in Chicago, provides enterprise resource planning (ERP) software and services. Gores acquires high-technology organizations, products and services and manages their growth and profitability.
MAPICS (MAPX) acquires MAPICS University
* Amount: Undisclosed
* Terms: n/a
* Premium: n/a
* Industry: Professional & corporate software
* Scorecard: B-
ATLANTA, April 7, 2000–MAPICS (MAPX), provider of e-business enterprise applications for manufacturers, announced their acquisition of MAPICS
University, a long-time leader in training and educatio
n for new technologies in the manufacturing industry. This acquisition extends MAPICS’ service offerings to support customers transitioning to e-business across the company’s recently expanded product line and increasing customer base.
Idea Integration acquires Catapult Technology, Information Technologies Integrated, Integral Results, Red Eye Digital Media, and T1 Design
* Amount: Undisclosed
* Terms: n/a
* Premium: n/a
* Industry: E-business solutions
* Scorecard: B+
JACKSONVILLE, April 7, 2000–Idea Integration, the e-business solutions unit of modis Incorporated, subsidiary of Modis Professional Services (MPS), announced that it has acquired five e-solutions companies. These acquisitions will add delivery capacity, strong management talent and expanded geographic coverage to the Idea Integration business unit. Terms of the transactions were not disclosed.
Idea Integration offers a full service suite of end-to-end e-business solutions to clients ranging from dot-com startups to Global 1000 companies through a network of local consulting practices. Catapult Technology, based near Chicago, provides enterprise application integration (EAI), e-business integration and e-commerce solutions, and is also a premier partner of Active Software (ASWX). Denver-based Information Technologies Integrated provides e-business and web development solutions as well as web infrastructure design. Integral Results, based in San Francisco, provides business intelligence solutions. Red Eye Digital Media, based in San Francisco, provides creative design and web development solutions. Houston-based T1 Design provides creative design, web branding and web development solutions.
Sensar (SCII) acquires Net2Wireless
* Amount: $750 million stock
* Terms: 18.295 million shares to Net2Wireless
* Premium: n/a
* Industry: Wireless
* Scorecard: B+
SALT LAKE CITY, April 7–Sensar Corporation (SCII) announced that it had
filed with the SEC a Registration Statement relating to the proposed merger with Net2Wireless, which is developing technology for delivering full-color Web access to wireless personal digital assistants.
As a result, the current stockholders of Net2Wireless will own approximately 65% of the combined company, while the current stockholders of Sensar will own approximately 32%. The name of Sensar will be changed to “Net2Wireless Corporation,” and the business of Net2Wireless will become the business of the public company.
MegaWorld (MEGW) acquires GenLabs
* Amount: Undisclosed
* Terms: n/a
* Premium: n/a
* Industry: Internet service provider
* Scorecard: C
HOUSTON, April 7, 2000–MegaWorld (OTCBB: MEGW), an integrated
telecommunications and Internet service provider, announced that it has
reached an agreement to acquire GenLabs, a privately held Internet
Service Provider (ISP) located in Tampa, Fla. that offers products and
services that improve the network efficiency of other ISPs. GenLabs will
receive future payments of MegaWorld common stock and cash as performance
objectives are achieved. Closing is scheduled for May 1, 2000.
Vertical Computer Systems (VCSYE) acquires Globalfare.com
* Amount: Undisclosed
* Terms: n/a
* Premium: n/a
* Industry: Internet content
* Scorecard: C+
LOS ANGELES, April 7, 2000–Vertical Computer Systems, (OTCBB: VCSYE) announced that it has entered into a stock purchase agreement to acquire 100% of Globalfare.com, a travel and destination vertical portal that offers travel information, products and services on the Web.
Vertical Computer Systems provides a full range of Internet services that includes distributing content via its multi lingual portal network TheChinaBridge.com and E-Mail Services ThePostmaster.net. Terms of the deal were not disclosed.
