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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contact:
Dennis Sheehan
Executive Vice President & Chief Financial Officer
(973) 812-8600
The BISYS Group, Inc.
(NASDAQ: BSYS)
www.bisys.com
Eileen Murphy
Primedia
(212) 745-1857
BISYS(R) ACQUIRES PICTORIAL FROM PRIMEDIA
-- BISYS Accelerates Growth in Internet-Based Training and Licensing for
Insurance and Securities Professionals --
LITTLE FALLS, N.J. (June 1, 2000) -- BISYS announced today a definitive
agreement to acquire Pictorial from Primedia for $129 million. The transaction
will be accounted for under the purchase method and is pending regulatory
approval which is anticipated during the next 30 days.
The acquisition follows BISYS' 1999 acquisitions of education and training
providers EXAMCO and Dover International, and accelerates its growth and
position in Internet-based training and licensing for insurance and securities
professionals. The Pictorial acquisition is also complementary to BISYS' rapidly
growing Insurance Services business.
The Indianapolis, Ind.-based Pictorial has been the leading provider of
comprehensive training and licensing management solutions for insurance
carriers, agencies, and
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agents since it was founded in 1945. Its advanced courses, software, and
services enable insurance companies and agencies to comply with the complex
licensing and appointment processes, and the diverse continuing education
requirements of all 50 states. In 1990, Pictorial founded the Society of
Insurance Licensing Administrators (SILA) trade association which now has more
than 1,500 members from approximately 400 insurance companies.
Pictorial's training library currently consists of more than 100 courses,
including life, health, and property/casualty insurance and securities topics.
This vast array of courses is available by contemporary Internet delivery,
CD-ROM, audio and video cassette, and text book. Its courses enable clients to
successfully prepare for licensing examinations and complete continuing
education courses in order to meet regulatory requirements and enhance their
industry expertise. Pictorial grades and administers more than 60,000
examinations annually through its automated testing and Internet-based
capabilities.
Based on the inherently complex process required to license insurance
professionals with both insurance carriers, and in the various states where
sales occur, most insurance companies in the country utilize Pictorial's
services or software to manage this process.
According to Lynn Mangum, BISYS' CEO and chairman, "Virtually every life,
health, property/casualty or multi-line insurance company of significant size is
a Pictorial client. Customers include more than 60,000 insurance producers and
agents, and more than 1,600 home and regional insurance company offices. And
Pictorial's market continues to expand as financial services competitors
converge and more banks and investment firms begin offering insurance products.
"While BISYS has provided training for both securities and insurance
professionals since its 1999 acquisitions, securities training had become the
dominant platform. Now through our acquisition of Pictorial, the added insurance
training will provide
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a perfect complement to our significant strengths in the investment training
industry," concluded Mr. Mangum.
Tom Rogers, chairman and CEO of Primedia, said, "I am very happy to see
Pictorial acquired by BISYS, an organization offering so many synergies and with
a strong presence in the financial services industry. I am pleased that
Pictorial's employees will be part of a company that is such a good fit for
their business. For Primedia, this is an extremely positive step toward our goal
of focusing our business strategy, and strengthening our position as the leading
targeted media company."
ABOUT BISYS
The BISYS Group, Inc. (NASDAQ: BSYS), headquartered in Little Falls, N.J.,
supports more than 9,000 financial institutions and corporate clients through
its integrated business units. BISYS provides information processing and check
imaging solutions to approximately 1,000 financial institutions; distributes and
administers more than 60 families of mutual funds consisting of more than 700
portfolios; provides retirement plan services to approximately 7,000 companies
in partnership with 30 of the nation's leading bank and investment management
companies; and provides insurance distribution solutions, professional
certification training and continuing education, investment industry consulting
services, and enterprise-wide networking services.
BISYS is uniquely positioned as the only single-source integrator of banking,
insurance, and mutual fund solutions; and a leading provider of contemporary
Internet-based products and services.
Except for the historical information contained herein, the matters discussed in
the press release are forward-looking statements within the meaning of the
safe-harbor provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are subject to risks and uncertainties that may
cause actual results to differ materially, including but not limited to
economic, competitive, governmental and technological factors affecting the
Company's operations, markets, services and related products, prices and other
factors discussed in the Company's periodic filings with the Securities and
Exchange Commission.
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