Exhibit 99.1
Callidus Software Appoints David Pratt as Interim President
and Chief Executive Officer
Financial Results Below Previous Guidance
SAN JOSE, Calif., June 24 /PRNewswire-FirstCall/ -- Callidus Software Inc.
(Nasdaq: CALD), a leader in Enterprise Incentive Management (EIM), today
announced the appointment of David Pratt as interim president and chief
executive officer. Mr. Pratt replaces Reed Taussig who has resigned as
president, chief executive officer and chairman of the board.
Callidus Software also announced today that anticipated second quarter and
full year results will not meet guidance as previously provided in April 2004.
Guidance is not being updated. The Company currently plans to announce second
quarter results on July 21, 2004.
Mr. Pratt, a software industry veteran with 35 years of senior management
and operational expertise, was appointed to the Callidus board of directors
earlier this month. Mr. Pratt, previously COO of Adobe, was instrumental in
growing Adobe's revenue from $50 million to $1 billion during his 10 year
tenure. Most recently, Mr. Pratt was CEO of AvantGo, Inc., a provider of
mobile enterprise software, and prior to that, served as CEO of gForce Systems
and FlashPoint. In addition, he served as COO of Logitech and Quantum.
"Callidus Software is a leader in the very exciting EIM market providing
systems to global companies across multiple industries. I am looking forward
to working with the Company's excellent and dedicated management team," Pratt
said.
Callidus Software also announced the appointment of Michael Braun as
chairman of the board of directors. Mr. Braun, a retired IBM executive, has
served as a board member of Callidus since February 2000. Mr. Braun previously
served as CEO of Blaze Software and Kaleida Labs and currently serves as the
chief executive officer of the Interim CEO Network.
"We are fortunate to have an executive of David Pratt's experience and
stature to lead Callidus forward at this time and we are optimistic about the
future," said Mr. Braun.
"Reed's leadership over the past seven years has been crucial as the
company has grown from a small start-up to a publicly traded company," Braun
said. "Through his leadership Callidus became a leader in the EIM market and
today lists many well-respected and satisfied blue chip companies as its
customers. Together, Reed and the Board decided that it was time for new CEO
at Callidus and we wish him well."
"I am proud of what the team has accomplished at Callidus in the past
seven years and I remain confident in Callidus' technological advantage and
leadership position in the EIM market," said Mr. Taussig.
A conference call is scheduled for 5:30 a.m. Pacific Daylight Time (PDT),
Thursday, June 24, 2004. The conference call is available via web cast and can
be accessed live, and for two weeks after the call, at the Investor
Relations/Calendar of Events section of Callidus Software's website at
www.callidussoftware.com. To participate in the call via telephone, the dial
in number is 800-299-9630 (international 617-786-2904), pass code 88128476. A
replay of the conference call can be accessed after 7:30 a.m. PDT, by calling
888-286-8010 (international 617-801-6888), pass code 48432516.
About Callidus Software
Founded in 1996, Callidus Software is a leading provider of EIM systems to
global companies across multiple industries. Callidus' EIM systems allow
enterprises to develop and manage competitive incentive compensation linked to
the achievement of strategic business objectives. Through its TrueComp
Grid(TM) architecture, Callidus delivers the industry's only EIM solution that
combines the power and scalability of grid computing with the flexibility of
rules-based interface. Customers/partners include AOL Time Warner Corporation,
AT&T Wireless, BMC Software, CUNA Mutual Insurance, DIRECTV, Dun & Bradstreet,
IBM, JP Morgan Chase & Co., Pennzoil-Quaker State Company, and SBC
Communications.
Note on Forward-Looking Statements
The forward looking statements included in this press release, including
statements regarding anticipated financial results, reflect management's best
judgment based on factors currently known and involve risks and uncertainties.
These risks and uncertainties include, but are not limited to, potential
material fluctuations in financial results and future growth rates, risk
associated with development and market acceptance of new products and product
enhancements, decreases in customer spending, increased competition or new
entrants in the marketplace and other risks detailed in the company's SEC
reports, including its 10-K and 10-Q, copies of which may be obtained by
contacting Callidus Software's Investor Relations department at 408-808-6577,
or the Investor Relations section of Callidus Software's website
(www.callidussoftware.com). Actual results may differ materially from those
presently reported. Callidus assumes no obligation to update the information
contained in this release.
NOTE: Callidus Software, the Callidus Software logo, Everyone Profits,
TrueChannel, TrueComp, TrueComp Grid, TrueInformation, TruePerformance,
TrueReferral, and TrueResolution are trademarks of Callidus Software Inc. All
other trademarks are the property of their respective owners.
SOURCE Callidus Software, Inc.
-0- 06/24/2004
/CONTACT: investors, Jon Pexton, +1-408-808-6577, or
ir@callidussoftware.com, or media, Jane Le Fevre, +1-408-808-6511, or
pr@callidussoftware.com, both of Callidus Software/
/Web site: http://www.callidussoftware.com/
(CALD)
CO: Callidus Software, Inc.
ST: California
IN: CPR STW
SU: PER CCA ERP