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Noosh Acquires digiGroups, Strengthens Sell-Side Tech Development

Friday, October 12, 2001

Press release from the issuing company

  PALO ALTO and SANTA CLARA, CA., Noosh, Inc., a leading provider of collaborative e-business software solutions, and digiGroups, a developer of web-based collaboration technology that enables businesses to easily and efficiently interact with customers in a highly-customizable fashion, today announced the acquisition of digiGroups by Noosh. "The digiGroups acquisition will add unique sell-side functionality to Noosh's advanced platform for managing multi-enterprise business processes, especially in the area of complex procurement," stated Ofer Ben-Shachar, President and CEO of Noosh. "After evaluating several acquisition proposals, the digiGroups management and board of directors selected Noosh because of its vision, technology, customer base and management team. Clearly, Noosh has performed well in a very difficult economic environment," added Dr. Philippe Bouissou, General Partner, Allegis Capital and digiGroups Board Member. Dr. Bouissou will join the Noosh board of directors. digiGroups CEO and co-founder, Dr. Uri Sarid, will join the Noosh executive team. "digiGroups and Noosh share a commitment to developing great technology and a passion for the customer. Our complementary collaborative solutions and teams will result in many exciting new ways in which companies and their trading partners can better work together," stated Dr. Sarid. In addition to its technology and know-how, digiGroups' significant cash balance will further strengthen Noosh's balance sheet. "While we weren't looking for new funding, the digiGroups deal adds cash at a time when many companies are finding it difficult to raise money. We're pleased that digiGroups has validated our progress and vision. We'll continue to explore similar opportunities to advance our technology, customer leadership and financial goals," concluded Ben-Shachar. Noosh is now finalizing post-acquisition product, organizational and operational plans. About digiGroups digiGroups (http://www.digiGroups.com) provides web-based business software that enables companies to engage and collaborate with customers and partners, easily and efficiently, even in the most complex business relationships. The company's LiveNode technology creates a unique collaborative network for customer-facing account teams to work with clients and trading partners. digiGroups was founded in 1999 and has offices in Santa Clara, California.




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