Standard Register To Acquire e-Business Solutions Provider InSystems
Press release from the issuing company
Acquisition to broaden Standard Register's information solutions offering and technology platform through the addition of leading extended relationship management and document automation solutions
DAYTON, Ohio & TORONTO -- June 26, 2002 -- Standard Register today announced that it has entered into a definitive agreement to acquire InSystems Technologies, Inc., a leading provider of e-business solutions for financial services organizations.
Standard Register expects the acquisition to enhance its long-term growth and shareholder value while further positioning the company as a leading information solutions provider that helps companies drive efficiency and achieve customer loyalty.
"InSystems is a recognized technology leader with the advanced solutions, technological capabilities and talent that will significantly bolster our information solutions offerings," said Dennis L. Rediker, president and chief executive officer of Standard Register. "InSystems' extended relationship management and document automation solutions complement our existing e-business, document management and fulfillment services offerings. Together, we will deliver even more value to companies as a strategic thought partner helping customers improve their business results through a full spectrum of solutions -- from paper to digital.
"We also are excited by the long-term value of this acquisition. In addition to InSystems' strong growth, there is significant upside potential by leveraging technology, talent, customer relationships and solutions across the businesses over time. With InSystems' dominant position in insurance and Standard Register's strength in banking, healthcare and other markets, there are significant opportunities to do more together."
The transaction is expected to close within 30 days at a purchase price of approximately $89 million (U.S.) in cash. InSystems will operate as a wholly owned subsidiary of Standard Register, retaining its brand identity, leadership team and workforce.
InSystems provides its market-leading document automation and extended relationship management (XRM) solutions to Fortune 1000 companies. It has among its customers more than 350 financial services companies in 24 countries including more than 50 of the 100 leading insurance enterprises in North America. By using InSystems e-business software, financial services organizations deliver web-based personalized sales, document fulfillment and service capabilities across all of their relationships (extended relationship management), boosting efficiency, decreasing costs, improving service and increasing revenues.
InSystems has been recognized as one of the fastest-growing technology companies in the Deloitte & Touche Fast 500 in North America, one of the 50 Best Managed Private Companies in Canada, and one of the Top 100 Employers in Canada. Its other honors include the Canadian Advanced Technology Alliance (CATA) e-Business Innovation Award and the Hewlett-Packard Award for Innovation in Technology.
"Through Standard Register, we will gain resources and insights to accelerate the development of additional InSystems solutions and extend our market reach," said Michael J. Egan, chairman and chief executive officer of InSystems. "This represents the combination of two great companies, each established and respected in their marketplaces. We share corporate values, culture and the commitment to being great places to work. Together we will drive technology innovation that will provide compelling value for our customers."
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