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Verity Completes Acquisition of NativeMinds

    Online News published in DMReview.com
March 5, 2004

Verity Inc., a leading provider of enterprise software that enables organizations to maximize the return on their intellectual capital investment, today announced the completion of its acquisition of the intellectual property, certain customer agreements and other strategic assets from NativeMinds Inc., a privately held software company and leading provider of integrated self-service solutions.

For an all-cash $3.8 million payment Verity acquired NativeMinds' technology portfolio, an integrated set of tools that provides an interactive contact point for customer inquiries. It includes technology that manages the interaction between a customer and a vRep, or virtual representative; the vRep Management System (VMS) to track, measure and improve a vRep solution; and a set of reporting and analysis tools to help assess performance, identify content opportunities and gather valuable customer insight. Verity has also hired nine employees from NativeMinds' development, professional services and sales organizations.

Verity and NativeMinds technologies and products, in combination, will deliver highly capable, cost-efficient online customer assistance solutions. "We are excited to have the opportunity to provide customers of both companies with the ability to have truly capable, effective Web-based self-service solutions that will reduce customer support costs and raise customer satisfaction levels," said Anthony J. Bettencourt, Verity's president and CEO. "Beginning today, we are working aggressively to inform our customers of the value of this application in conjunction with their existing Verity solutions, and are prepared to deploy the technologies together immediately."

NativeMinds products will be added to the Verity portfolio and will be sold by the company's sales organization. Verity intends to provide further details on rebranding initiatives as well as service and maintenance programs shortly. Verity expects integration of the purchased NativeMinds assets to be smooth and swift, and should be accretive within the first full quarter after this closing.

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