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, and TORONTO, Canada (June 26, 2002) — Standard
Register (NYSE:SR) 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. for approximately $89 million (U.S.) in cash. The
transaction is expected to close within 30 days.
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. improve their business results by leveraging their information.
“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.Founded in 1989 and based in Toronto, Canada, InSystems has annual
revenues of approximately $24 million (U.S.).
InSystemsIt 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. It provides
its market-leading document automation and extended relationship management solutions to
Fortune 1000 company 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 eXterity is
focused on solutions in the growing market category of extended relationship management.
InSystems has been recognized for its track record of
growth and its management, includingas being named 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.It also
Its other honors include the Canadian Advanced Technology Alliance (CATA) won the
E-Business Innovation Award and the Hewlett-Packard Award for Innovation in Technology.
The strong customer relationships we have in different
market niches also provide us growth opportunities. For example, over time we would look
to leverage InSystems’ strong penetration in insurance in North America to bring more
Standard Register solutions to insurance companies. “InSystems will operate as
a wholly owned subsidiary of Standard Register, retaining its brand identity and team.
“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 merger 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.”
About InSystems:
InSystems, www.insystems.com,
is a leading provider of document automation solutions and the premier provider of insurance portal
software for managing extended relationships.
InSystems solutions include
-
InSystems Calligo™ – integrated
document automation software for organizations that need to create, manage and distribute
highly personalized, error-free documents, and automate processes including compliance
filings, document fulfillment and customer service. The software suite includes solutions
known as InSystems Tracker and InSystems FastForms™ -
InSystems eXterity™ – portal software
for managing extended relationships.that address a It enables organizations to work
seamlessly via the Internet with their organization’s relationships with its value
network including customers, suppliers, partners, regulators, and other constituents
Founded in 1989 and based in Toronto, Canada, InSystems has annual revenues of
approximately $24 million (U.S.) and employs about 230 people, primarily in technology roles.
About Standard Register:
Standard Register (NYSE:SR) is a leading provider of
information solutions for financial services, healthcare, manufacturing and other markets.
Its offerings include secure documents and label solutions; fulfillment and consulting
services; and e-business solutions. As a strategic partner in migrating companies from
paper-based to digital processes, Standard Register helps businesses reduce costs and
increase revenue. Founded in 1912, the Fortune 1000 company today employs about 6,000
people throughout the United States and serves companies in more than 40 countries through
a network of international associate companies. Standard Register’s annual revenues
exceed $1 billion. More information is available at
www.standardregister.com.
Safe Harbor Statement:
This release includes forward-looking statements covered by
the Private Securities Litigation Reform Act of 1995. Because such statements deal with
future events, they are subject to various risks and uncertainties and actual results for
fiscal year 2002 and beyond could differ materially from the Company’s current
expectations. Forward-looking statements are identified by words such as
“anticipates,” “projects,” “expects,” “plans,”
“intends,” “believes,” “estimates,” “targets,” and
other similar expressions that indicate trends and future events.
Factors that could cause the Company’s results to
differ materially from those expressed in forward-looking statements include, without
limitation, variation in demand and acceptance of the Company’s products and
services, the frequency, magnitude and timing of paper and other raw-material-price
changes, general business and economic conditions beyond the Company’s control,
timing of the completion and integration of acquisitions, the consequences of competitive
factors in the marketplace, cost-containment strategies, and the Company’s success in
attracting and retaining key personnel. Additional information concerning factors that
could cause actual results to differ materially from those projected is contained in the
Company’s filing with The Securities and Exchange Commission, including its report on
Form 10-K for the year ended December 30, 2001. The Company undertakes no obligation to
revise or update forward-looking statements as a result of new information since these
statements may no longer be accurate or timely.
