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Vignette Completes Acquisition of Tower Technology
Vignette Corp. announced the completion of its acquisition of privately held TOWER Technology Pty Ltd, an enterprise document and records management, imaging and workflow vendor. With the immediate availability of the TOWER Technology products under the Vignette portfolio, Vignette seizes a leadership position as the only vendor to successfully combine superior portal solutions with enterprise content management for managing high volumes of documents, online transactions, records, media assets, channels, online constituents and sites. The combined suite offers Vignette customers worldwide the added benefit of helping them to address risk and compliance management-related initiatives for Sarbanes-Oxley 302 and 404, HIPAA, SEC 17a4, DoD 5015.2, EPA, ADA, GLB and others.
Vignette also announced the general availability of three solutions based on TOWER Technology products. Vignette® Integrated Document Management is a scalable, Web-enabled, document, record and case management system for capturing and managing virtually all forms of unstructured business information, including images, forms, computer-generated reports, statements and invoices, office documents and e-mail. Vignette® WebCapture is a solution that provides businesses with the ability to capture and aggregate online transactions and to automatically create a permanent, unalterable visual transaction log and audit trail. Vignette also is shipping a comprehensive records management solution that helps eliminate paperwork, enable collaborative casework and compliance initiatives based on the Tower Seraph product, which is certified as DoD 5015.2 compliant.
According to a brief written by Connie Moore of Forrester Research, the document imaging market (which is TOWER's core competency) is growing at a 10 percent CAGR through 2006 and will play a significant role in Vignette's ability to address the ECM market in its entirety. Both Vignette and TOWER Technology customers should view this acquisition as a very positive move, Moore wrote in the January 2003 brief titled "Vignette Buys into Enterprise Content Management with TOWER Technology Acquisition."
"Industry response to the combination of Vignette and TOWER Technology is overwhelmingly positive," said Thomas E. Hogan, president and chief executive officer at Vignette. "With this acquisition, Vignette catapults to leadership in a market ripe with opportunity where we intend to compete aggressively and win. Customers driving for enterprise content management solutions to successfully implement scalable, results-oriented compliance initiatives will turn to Vignette."
TOWER Technology customer Geisinger Health Systems recognizes the value of a combined offering from a single vendor that supports the complete life cycle of their enterprise information. "With over two million patients relying on Geisinger Health Systems for a full continuum of care, we are very focused on carefully and securely managing our patient records, navigating the complex compliance and regulatory environment of healthcare providers, and conducting our business as efficiently as possible," said Dave Macko, Associate Vice President of Information Technology at physician-led Geisinger Health Systems. "TOWER Technology has helped us automate and streamline very paper-intensive processes, so we are eager to explore how the combined strengths of Vignette's and Tower's information management and delivery solutions will further help us increase the quality of patient services, while at the same time continuing to manage costs."
"This acquisition is the culmination of careful product planning and strategy," said David Shirk, Vignette's senior vice president of product strategy and worldwide marketing. "Through the combination of our award-winning portal, content management and integration with the Tower-based products, which we expect to offer by mid-year, customers will gain unmatched capability for successful records management and compliance initiatives. We will drive enterprise content management to a new level with the addition of powerful presentation and sophisticated user management. Nobody else can offer that today."
Under the terms of the agreement announced January 22, 2004, Vignette paid approximately $125 million for TOWER Technology, composed of $45 million in cash and approximately 29.8 million shares of Vignette stock. The TOWER Technology transaction is the fourth acquisition Vignette has completed in the last 16 months. In November 2002, Vignette acquired the intellectual property of Revenio Inc., which is incorporated into Vignette Dialog; in December 2002, Vignette acquired portal leader Epicentric Software; and in December 2003, Vignette acquired leading collaboration vendor Intraspect Software.
"Our expanded solutions and distribution footprint now make Vignette the vendor of choice for top government, financial services, healthcare and telecommunications organizations that must manage massive quantities of diverse information, paper and electronic, but who also value efficiency and compliance with complex regulations," said Hogan. "Customers now have access to the most comprehensive set of solutions available from an independent, standards-based vendor driven at all times by the online success of our customers."
As a customer relationship management company and a TOWER Technology customer, Loop Customer Management Ltd knows that effective management, retention and delivery of current and accurate customer information helps customer-facing employees provide better service. "Superior service translates into more satisfied customers and increased revenue opportunities," said Paul Tasker, Head of Business Technology at Loop, a Kelda Group plc company that provides contact centers, revenue collection and other managed services to diverse clients including Yorkshire Water, the National Blood Service, Wales Tourist Board, and London Energy. "The combined capabilities of Vignette and TOWER Technology will help drive even more efficient and effective information access, which in turn drives improved customer self-service and loyalty."
Vignette also announced the general availability of three solutions based on TOWER Technology products. Vignette® Integrated Document Management is a scalable, Web-enabled, document, record and case management system for capturing and managing virtually all forms of unstructured business information, including images, forms, computer-generated reports, statements and invoices, office documents and e-mail. Vignette® WebCapture is a solution that provides businesses with the ability to capture and aggregate online transactions and to automatically create a permanent, unalterable visual transaction log and audit trail. Vignette also is shipping a comprehensive records management solution that helps eliminate paperwork, enable collaborative casework and compliance initiatives based on the Tower Seraph product, which is certified as DoD 5015.2 compliant.
According to a brief written by Connie Moore of Forrester Research, the document imaging market (which is TOWER's core competency) is growing at a 10 percent CAGR through 2006 and will play a significant role in Vignette's ability to address the ECM market in its entirety. Both Vignette and TOWER Technology customers should view this acquisition as a very positive move, Moore wrote in the January 2003 brief titled "Vignette Buys into Enterprise Content Management with TOWER Technology Acquisition."
"Industry response to the combination of Vignette and TOWER Technology is overwhelmingly positive," said Thomas E. Hogan, president and chief executive officer at Vignette. "With this acquisition, Vignette catapults to leadership in a market ripe with opportunity where we intend to compete aggressively and win. Customers driving for enterprise content management solutions to successfully implement scalable, results-oriented compliance initiatives will turn to Vignette."
TOWER Technology customer Geisinger Health Systems recognizes the value of a combined offering from a single vendor that supports the complete life cycle of their enterprise information. "With over two million patients relying on Geisinger Health Systems for a full continuum of care, we are very focused on carefully and securely managing our patient records, navigating the complex compliance and regulatory environment of healthcare providers, and conducting our business as efficiently as possible," said Dave Macko, Associate Vice President of Information Technology at physician-led Geisinger Health Systems. "TOWER Technology has helped us automate and streamline very paper-intensive processes, so we are eager to explore how the combined strengths of Vignette's and Tower's information management and delivery solutions will further help us increase the quality of patient services, while at the same time continuing to manage costs."
"This acquisition is the culmination of careful product planning and strategy," said David Shirk, Vignette's senior vice president of product strategy and worldwide marketing. "Through the combination of our award-winning portal, content management and integration with the Tower-based products, which we expect to offer by mid-year, customers will gain unmatched capability for successful records management and compliance initiatives. We will drive enterprise content management to a new level with the addition of powerful presentation and sophisticated user management. Nobody else can offer that today."
Under the terms of the agreement announced January 22, 2004, Vignette paid approximately $125 million for TOWER Technology, composed of $45 million in cash and approximately 29.8 million shares of Vignette stock. The TOWER Technology transaction is the fourth acquisition Vignette has completed in the last 16 months. In November 2002, Vignette acquired the intellectual property of Revenio Inc., which is incorporated into Vignette Dialog; in December 2002, Vignette acquired portal leader Epicentric Software; and in December 2003, Vignette acquired leading collaboration vendor Intraspect Software.
"Our expanded solutions and distribution footprint now make Vignette the vendor of choice for top government, financial services, healthcare and telecommunications organizations that must manage massive quantities of diverse information, paper and electronic, but who also value efficiency and compliance with complex regulations," said Hogan. "Customers now have access to the most comprehensive set of solutions available from an independent, standards-based vendor driven at all times by the online success of our customers."
As a customer relationship management company and a TOWER Technology customer, Loop Customer Management Ltd knows that effective management, retention and delivery of current and accurate customer information helps customer-facing employees provide better service. "Superior service translates into more satisfied customers and increased revenue opportunities," said Paul Tasker, Head of Business Technology at Loop, a Kelda Group plc company that provides contact centers, revenue collection and other managed services to diverse clients including Yorkshire Water, the National Blood Service, Wales Tourist Board, and London Energy. "The combined capabilities of Vignette and TOWER Technology will help drive even more efficient and effective information access, which in turn drives improved customer self-service and loyalty."
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