Docucorp (NASDAQ:DOCC)
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Docucorp International®
(Nasdaq:DOCC), a leading provider of Customer Communication Management
(CCM) solutions, and Skywire Software, a privately-held enterprise
software company, announced today that they have entered into a
definitive agreement, under which Skywire Software will acquire all of
Docucorp’s outstanding shares for $10.00 per
share in an all-cash transaction valued at approximately $127 million.
Skywire Software is a subsidiary of Hall Financial Group, a $2 billion
private, diversified financial firm. Upon closing, Docucorp and Skywire
Software will merge to become one of the largest providers of software
and services targeted to specific vertical industries.
The definitive agreement has been unanimously approved by Docucorp’s
Board of Directors. Completion of the transaction is subject to
customary conditions and regulatory approvals, and the approval of
Docucorp’s stockholders. The parties expect
that the merger will be finalized in the first quarter of calendar year
2007.
“We believe that this proposal to merge
Docucorp and Skywire Software represents exceptional value for our
stockholders and an exciting new future for our customers, employees and
business partners,” said Michael D. Andereck,
President and CEO of Docucorp International. “We
look forward to continuing to grow the company through the combined
offerings and capabilities of our two organizations.”
“This is a long-term, strategic investment
for us,” said Craig Hall, Chairman of Hall
Financial Group. “We have confidence in our
decision to build a new, innovative platform with operational excellence
behind a combined, complementary management team.”
“Docucorp and Skywire Software are impressive
as separate entities, and together, we look forward to serving more than
1,600 clients worldwide,” said Patrick
Brandt, Founder and CEO of Skywire Software. “With
an extraordinary assembly of talented employees, market-leading products
and an aggressive plan to innovate, the new company will be well
positioned to serve our current and future customers.”
Upon completion of the merger, Michael D. Andereck, President and CEO of
Docucorp, will serve as the Executive Chairman of the Board. Patrick
Brandt, CEO and Founder of Skywire Software, will serve as President and
CEO of the merged company.
Canaccord Adams Inc. is acting as an exclusive financial advisor to
Docucorp in connection with the merger and has rendered a fairness
opinion to Docucorp’s Board of Directors.
Craig-Hallum Capital Group LLC acted as exclusive financial advisor to
Skywire Software and Hall Financial Group.
About Docucorp
Docucorp markets Customer Communication Management (CCM) solutions via a
portfolio of information software, business process outsourcing and
professional services, which enables companies to create, publish,
manage and archive complex, high-volume, personalized information
in-house or fully outsource to Docucorp. The company has an installed
base of more than 1,300 customers, including some of the world’s
largest insurance, utility, financial services and health care
organizations. Headquartered in Dallas, Docucorp has facilities in
Atlanta, Silver Spring, Md., Bedford, N.H., and London, as well as an
international presence in the Benelux, Switzerland, Central and Eastern
Europe, Middle East, Africa and Asia Pacific regions.
About Hall Financial Group
Founded in 1968, Hall Financial Group is owned by Chairman Craig Hall
and family. Diversified holdings include active operations in commercial
real estate development, ownership and management; software application
development, principally for the insurance industry; structured finance
lending for real estate and other areas; vineyards and wineries; and oil
and gas. In addition, the company maintains a portfolio of approximately
$1.5 billion in stocks, bonds and venture capital investments in a broad
range of industries, including ownership positions in excess of five
percent of American Airlines (AMR) and RadioShack (RSH). For more
information, visit www.hallfinancial.com.
About Skywire Software
Skywire Software is a diversified enterprise software provider with a
focus on the insurance and financial services industries. With more than
300 customers worldwide, the Frisco, Texas-based company is focused on “Building
Customers For Life.” Founded in 2000, Skywire
Software is a subsidiary of Hall Financial Group, a privately held
investment firm with diverse holdings in the United States and Europe.
Certain information contained in this news release may include “forward-looking”
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than historical facts,
included herein are forward-looking statements. These statements
involve risks and uncertainties, such as competition, technological
developments, loss of significant customers and the other factors
discussed in the Company’s periodic reports
filed with the Securities and Exchange Commission, that could cause the
Company’s actual results to differ materially
from those expressed or implied by these forward-looking statements.
Docucorp is a registered trademark of Docucorp International.
THIS COMMUNICATION IS BEING MADE IN RESPECT OF THE PROPOSED MERGER
TRANSACTION INVOLVING DOCUCORP INTERNATIONAL, INC. AND SKYWIRE SOFTWARE,
LLC, A SUBSIDIARY OF HALL FINANCIAL GROUP. IN CONNECTION WITH THE
PROPOSED TRANSACTION, DOCUCORP INTERNATIONAL, INC. WILL BE FILING A
PROXY STATEMENT AND RELEVANT DOCUMENTS CONCERNING THE TRANSACTION WITH
THE SECURITIES AND EXCHANGE COMMISSION (“SEC”).
SHAREHOLDERS OF DOCUCORP INTERNATIONAL, INC ARE URGED TO READ THE PROXY
STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY
BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
SHAREHOLDERS CAN OBTAIN FREE COPIES OF THE PROXY STATEMENT AND OTHER
DOCUMENTS WHEN THEY BECOME AVAILABLE BY CONTACTING INVESTOR RELATIONS AT HTTP://WWW.DOCUCORP.COM
OR BY MAIL AT DOCUCORP INTERNATIONAL, INC. INVESTOR RELATIONS, 5400 LBJ
FREEWAY, SUITE 300, DALLAS, TEXAS 75240, OR BY TELEPHONE: 972-891-6500.
IN ADDITION, DOCUMENTS FILED WITH THE SEC BY DOCUCORP INTERNATIONAL,
INC. ARE AVAILABLE FREE OF CHARGE AT THE SEC’S
WEB SITE AT HTTP://WWW.SEC.GOV.
DOCUCORP INTERNATIONAL, INC. AND ITS DIRECTORS AND EXECUTIVE OFFICERS
MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF PROXIES FROM THE
SHAREHOLDERS OF DOCUCORP INTERNATIONAL, INC. IN CONNECTION WITH THE
PROPOSED TRANSACTION. INFORMATION REGARDING THE SPECIAL INTERESTS OF
THESE DIRECTORS AND EXECUTIVE OFFICERS IN THE PROPOSED TRANSACTION WILL
BE INCLUDED IN THE PROXY STATEMENT OF DOCUCORP INTERNATIONAL, INC.
DESCRIBED ABOVE. INFORMATION REGARDING DOCUCORP INTERNATIONAL, INC.’S
DIRECTORS AND EXECUTIVE OFFICERS IS ALSO AVAILABLE IN ITS PROXY
STATEMENT FOR ITS 2006 ANNUAL MEETING OF SHAREHOLDERS, WHICH WAS FILED
WITH THE SEC ON OCTOBER 25, 2006. THIS DOCUMENT IS AVAILABLE FREE OF
CHARGE AT THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV
AND FROM INVESTOR RELATIONS AT DOCUCORP INTERNATIONAL, INC. AS DESCRIBED
ABOVE.
© Skywire Software is a registered trademark.
All other names, brands or products referenced are the service marks,
trademarks or registered trademarks of their respective companies.
© 2006 Docucorp International. All Rights
Reserved. Company, organization and product names mentioned herein are
trademarks or registered trademarks of their respective owners. Docucorp
and its symbol are trademarks of Docucorp International.
Docucorp International(R) (Nasdaq:DOCC), a leading provider of
Customer Communication Management (CCM) solutions, and Skywire
Software, a privately-held enterprise software company, announced
today that they have entered into a definitive agreement, under which
Skywire Software will acquire all of Docucorp's outstanding shares for
$10.00 per share in an all-cash transaction valued at approximately
$127 million. Skywire Software is a subsidiary of Hall Financial
Group, a $2 billion private, diversified financial firm. Upon closing,
Docucorp and Skywire Software will merge to become one of the largest
providers of software and services targeted to specific vertical
industries.
The definitive agreement has been unanimously approved by
Docucorp's Board of Directors. Completion of the transaction is
subject to customary conditions and regulatory approvals, and the
approval of Docucorp's stockholders. The parties expect that the
merger will be finalized in the first quarter of calendar year 2007.
"We believe that this proposal to merge Docucorp and Skywire
Software represents exceptional value for our stockholders and an
exciting new future for our customers, employees and business
partners," said Michael D. Andereck, President and CEO of Docucorp
International. "We look forward to continuing to grow the company
through the combined offerings and capabilities of our two
organizations."
"This is a long-term, strategic investment for us," said Craig
Hall, Chairman of Hall Financial Group. "We have confidence in our
decision to build a new, innovative platform with operational
excellence behind a combined, complementary management team."
"Docucorp and Skywire Software are impressive as separate
entities, and together, we look forward to serving more than 1,600
clients worldwide," said Patrick Brandt, Founder and CEO of Skywire
Software. "With an extraordinary assembly of talented employees,
market-leading products and an aggressive plan to innovate, the new
company will be well positioned to serve our current and future
customers."
Upon completion of the merger, Michael D. Andereck, President and
CEO of Docucorp, will serve as the Executive Chairman of the Board.
Patrick Brandt, CEO and Founder of Skywire Software, will serve as
President and CEO of the merged company.
Canaccord Adams Inc. is acting as an exclusive financial advisor
to Docucorp in connection with the merger and has rendered a fairness
opinion to Docucorp's Board of Directors.
Craig-Hallum Capital Group LLC acted as exclusive financial
advisor to Skywire Software and Hall Financial Group.
About Docucorp
Docucorp markets Customer Communication Management (CCM) solutions
via a portfolio of information software, business process outsourcing
and professional services, which enables companies to create, publish,
manage and archive complex, high-volume, personalized information
in-house or fully outsource to Docucorp. The company has an installed
base of more than 1,300 customers, including some of the world's
largest insurance, utility, financial services and health care
organizations. Headquartered in Dallas, Docucorp has facilities in
Atlanta, Silver Spring, Md., Bedford, N.H., and London, as well as an
international presence in the Benelux, Switzerland, Central and
Eastern Europe, Middle East, Africa and Asia Pacific regions.
About Hall Financial Group
Founded in 1968, Hall Financial Group is owned by Chairman Craig
Hall and family. Diversified holdings include active operations in
commercial real estate development, ownership and management; software
application development, principally for the insurance industry;
structured finance lending for real estate and other areas; vineyards
and wineries; and oil and gas. In addition, the company maintains a
portfolio of approximately $1.5 billion in stocks, bonds and venture
capital investments in a broad range of industries, including
ownership positions in excess of five percent of American Airlines
(AMR) and RadioShack (RSH). For more information, visit
www.hallfinancial.com.
About Skywire Software
Skywire Software is a diversified enterprise software provider
with a focus on the insurance and financial services industries. With
more than 300 customers worldwide, the Frisco, Texas-based company is
focused on "Building Customers For Life." Founded in 2000, Skywire
Software is a subsidiary of Hall Financial Group, a privately held
investment firm with diverse holdings in the United States and Europe.
Certain information contained in this news release may include
"forward-looking" statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements, other than
historical facts, included herein are forward-looking statements.
These statements involve risks and uncertainties, such as competition,
technological developments, loss of significant customers and the
other factors discussed in the Company's periodic reports filed with
the Securities and Exchange Commission, that could cause the Company's
actual results to differ materially from those expressed or implied by
these forward-looking statements. Docucorp is a registered trademark
of Docucorp International.
THIS COMMUNICATION IS BEING MADE IN RESPECT OF THE PROPOSED MERGER
TRANSACTION INVOLVING DOCUCORP INTERNATIONAL, INC. AND SKYWIRE
SOFTWARE, LLC, A SUBSIDIARY OF HALL FINANCIAL GROUP. IN CONNECTION
WITH THE PROPOSED TRANSACTION, DOCUCORP INTERNATIONAL, INC. WILL BE
FILING A PROXY STATEMENT AND RELEVANT DOCUMENTS CONCERNING THE
TRANSACTION WITH THE SECURITIES AND EXCHANGE COMMISSION ("SEC").
SHAREHOLDERS OF DOCUCORP INTERNATIONAL, INC ARE URGED TO READ THE
PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC
WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT
INFORMATION. SHAREHOLDERS CAN OBTAIN FREE COPIES OF THE PROXY
STATEMENT AND OTHER DOCUMENTS WHEN THEY BECOME AVAILABLE BY CONTACTING
INVESTOR RELATIONS AT HTTP://WWW.DOCUCORP.COM OR BY MAIL AT DOCUCORP
INTERNATIONAL, INC. INVESTOR RELATIONS, 5400 LBJ FREEWAY, SUITE 300,
DALLAS, TEXAS 75240, OR BY TELEPHONE: 972-891-6500. IN ADDITION,
DOCUMENTS FILED WITH THE SEC BY DOCUCORP INTERNATIONAL, INC. ARE
AVAILABLE FREE OF CHARGE AT THE SEC'S WEB SITE AT HTTP://WWW.SEC.GOV.
DOCUCORP INTERNATIONAL, INC. AND ITS DIRECTORS AND EXECUTIVE
OFFICERS MAY BE DEEMED TO BE PARTICIPANTS IN THE SOLICITATION OF
PROXIES FROM THE SHAREHOLDERS OF DOCUCORP INTERNATIONAL, INC. IN
CONNECTION WITH THE PROPOSED TRANSACTION. INFORMATION REGARDING THE
SPECIAL INTERESTS OF THESE DIRECTORS AND EXECUTIVE OFFICERS IN THE
PROPOSED TRANSACTION WILL BE INCLUDED IN THE PROXY STATEMENT OF
DOCUCORP INTERNATIONAL, INC. DESCRIBED ABOVE. INFORMATION REGARDING
DOCUCORP INTERNATIONAL, INC.'S DIRECTORS AND EXECUTIVE OFFICERS IS
ALSO AVAILABLE IN ITS PROXY STATEMENT FOR ITS 2006 ANNUAL MEETING OF
SHAREHOLDERS, WHICH WAS FILED WITH THE SEC ON OCTOBER 25, 2006. THIS
DOCUMENT IS AVAILABLE FREE OF CHARGE AT THE SEC'S WEB SITE AT
HTTP://WWW.SEC.GOV AND FROM INVESTOR RELATIONS AT DOCUCORP
INTERNATIONAL, INC. AS DESCRIBED ABOVE.
(C) Skywire Software is a registered trademark. All other names,
brands or products referenced are the service marks, trademarks or
registered trademarks of their respective companies.
(C) 2006 Docucorp International. All Rights Reserved. Company,
organization and product names mentioned herein are trademarks or
registered trademarks of their respective owners. Docucorp and its
symbol are trademarks of Docucorp International.