Exhibit 99.1
Unify Closes Acquisition of GUPTA and Sale of Insurance Division
Unify to Double in Size; Acquisition to Be Accretive
SACRAMENTO, Calif.--(BUSINESS WIRE)--Nov. 20, 2006--Unify Corp.
(OTCBB:UNFY), a global provider of development and database software, today
announced it has closed the acquisition of Gupta Technologies, LLC ("GUPTA")
from Halo Technology Holdings, Inc. (OTCBB:HALO). In closing the GUPTA
acquisition, Unify paid $6.1 million in cash and transferred its Insurance Risk
Management Division and ViaMode intellectual property to Halo. In order to
finance this acquisition, the Company closed $7.85 million in financing from
ComVest Capital LLC, with term debt of $5.35 million and a line of credit of
$2.5 million. The final terms of the acquisition agreement were amended to
eliminate Unify's issuance of five million common shares and a warrant for
750,000 common shares to Halo in exchange for increasing the cash consideration
paid by Unify to $6.1 million from $5.0 million. Unify expects the combined
effect of this transaction to be accretive to pro forma earnings going forward
and to double Unify's annual revenues.
"We have reached an important milestone today as the combination of Unify
and GUPTA will create a dynamic, re-energized organization with a strengthened
partner channel, broader distribution network, expanded global customer base and
talented employee pool," said Todd Wille, CEO of Unify. "We are on a fast track
to begin rapidly executing on our cross-selling strategies and new product
development initiatives to expand our service-oriented architecture (SOA) and
database offerings. In addition, we look forward to benefiting from a single
strategic and operational focus on the software tools and embedded database
markets. I am pleased to partner with ComVest and confident in our plans to
create profitability and increase shareholder value with our new size, focus and
strength."
Unify and GUPTA provide cross platform enterprise software development and
embedded database products to VARs, OEMs, ISVs, global distributors and IT
organizations in more than 50 countries. With the acquisition of GUPTA, Unify
becomes a company that is more than double in size with added technology
resources, an established partner channel and a strong developer community who
will rely on Unify to continue delivering productive and reliable technologies
while providing a path to next generation, web and SOA-based solutions.
"GUPTA and Unify have built their businesses by listening to customers,
developing strong partner and distributor channels, and delivering productive,
reliable technologies," said Mark Bygraves, managing director and vice president
for GUPTA's EMEA and Asia Pacific regions. "Combining our organizations enables
us to build on these foundations and I am truly excited by the new opportunities
available to our network of channel partners and customers."
"We are excited to merge with a software tools and database organization
that, like us, is customer-driven, technology focused and profitable," said
Patty Watkins, vice president of Americas Sales for GUPTA. "In addition to our
current products, we will expand our offerings with solutions for developing
rich Internet applications that leverage Web services and SOA, for migrating
Lotus Notes applications, and for 'embed it and forget it,' no DBA required
databases."
Conference Call
Unify will hold a conference call to discuss the acquisition and fiscal
2007 second quarter financial results on Thursday, Nov. 30, 2006 at 1:30 Pacific
Time. Listeners may dial 888-371-9318 and enter conference ID #8149145. A replay
of the conference call will be available until Dec. 14, 2006 by dialing
877-519-4471 and entering the passcode #8149145. The conference call will also
be Webcast. Visitors can login at www.unify.com.
About Unify Corporation
Unify's software development and database solutions deliver a broad set of
capabilities for automating business processes, integrating information and
delivering collaborative information. Through its industry expertise and market
leading technologies, Unify helps organizations drive business optimization,
apply governance and increase customer service. Unify is headquartered in
Sacramento, Calif., with offices in London and Paris, and a worldwide network of
global distributors. Contact Unify at 916-928-6400 or visit www.unify.com.
Legal Notice Regarding Forward-Looking Statements
This press release contains "forward-looking statements" as that term is
defined in Section 21E of the Securities Exchange Act of 1934 as amended.
Forward looking statements are denoted by words such as "anticipates",
"expects", "intends", "plans", "believes", "seeks", "estimates", and other
variations of such words and similar expressions are intended to identify such
forward-looking statements. These forward looking statements are subject to
risks and uncertainties that could cause actual results to differ materially
from those expressed or implied by the Company's forward looking statements.
Such risks and uncertainties include, but are not limited to general economic
conditions in the insurance industry, computer and software industries,
domestically and worldwide, the Company's ability to keep up with technological
innovations in relation to its competitors, product defects or delays,
developments in the Company's relationships with its customers, distributors and
suppliers, changes in pricing policies of the Company or its competitors, the
Company's ability to attract and retain employees in key positions and the risks
and uncertainties associated the acquisition and sale of a significant business
unit such as integration of systems, combination of sales forces and business
culture issues. In addition, Unify's forward looking statements should be
considered in the context of other risks and uncertainties discussed in the
Company's SEC filings available for viewing on its web site at "Investor
Relations," "SEC filings" or from the SEC at www.sec.gov.
CONTACT: Unify Corporation
Deb Thornton, 916-928-6379
deb@unify.com
Steve Bonham, 916-928-6288
sbonham@unify.com