Out of Gas by the Side of the Road

  
* 
Amount:         $470
million

  
* 
Terms:           
10.25 million ENTU shares

  
* 
Premium:        n/a

  
* 
Industry:        Security
software

  
* 
Scorecard:      B+

• 
  
• 
  PLANO & SANTA CLARA, April 18–Entrust Technologies (ENTU)
  , the global leader in solutions that bring trust to eBusiness, announced
  that it has signed a definitive agreement to merge with enCommerce,
  a global portal infrastructure company and the leading provider of software
  and services for managing eBusiness relationships. The enCommerce-Entrust union will create
  one of the world’s largest trusted eBusiness infrastructure companies and
  the premier provider of total solutions for enterprise portals, vertical
  portals and marketplaces.
• 
  The transaction is valued at approximately $470 million, as Entrust will
  issue approximately 8.2 million shares of common stock in exchange for 100%
  of the outstanding capital stock of enCommerce, and will assume all
  outstanding employee stock options and warrants, resulting in a total share
  exchange of 10.25 million shares. The transaction will be accounted for as
  a purchase and is expected to close by third quarter of 2000.
• 
  
•  

  
* 
Amount:         $444
million

  
* 
Terms:           
0.13 SEBL shares for each OpenSite share

  
* 
Premium:        n/a

  
* 
Industry:        Corporate
software

  
* 
Scorecard:      B+

• 
  
• 
  SAN MATEO, April 18–Siebel Systems (SEBL)
  , the world’s leading supplier of eBusiness application software announced
  an agreement to acquire OpenSite, the market leader in Web-based
  dynamic commerce solutions. OpenSite
  was slated for an IPO of its own (proposed symbol OPNS) May 22, in which it
  intended to raise approximately $40.5 million.
• 
  Under the terms of the agreement, each outstanding share of OpenSite common
  stock will be exchanged at a fixed exchange ratio of approximately 0.13,
  for newly issued shares of common stock of Siebel Systems. All outstanding
  stock options of OpenSite will be exchanged for Siebel Systems stock
  options at the same exchange ratio. This will result in the issuance of up
  to approximately 3.9 million additional Siebel Systems shares, representing
  a current market value of $444 million.
• 
  
•  

  
* 
Amount:        
Undisclosed

  
* 
Terms:           
n/a

  
* 
Premium:        n/a

  
* 
Industry:        Corporate HR
management

  
* 
Scorecard:      B-

• 
  
• 
  ATLANTA, April 18–The Consumer Financial Network, a
  subsidiary of iXL Enterprises (IIXL)
  , announced three strategic acquisitions, clearly positioning CFN as the leader in the
  employee portal market. The acquisitions include iClick, Health Pages, and Living Abroad Publishing,
  whereby all three will help CFN provide employers with an integrated,
  Web-based solution to help attract and retain quality employees. Terms of
  the transactions were not disclosed.
• 
  
•