Art Technology Group Buys Primus Knowledge Solutions
Buys Primus Knowledge Solutions
Art Technology Group has agreed to buy Primus Knowledge Solutions. The company, headquartered in Seattle, Washington, develops award-winning software for online marketing and e-commerce. The company sells customer information systems to companies, including retailers, manufacturers, and service providers. The combined company had revenues of $90 million in 2004 and employed 479 people. The deal will save the companies about $10 million to $15 million in costs, according to the two companies. The merger is expected to be completed by the end of this year.
The acquisition is expected to increase the value of the company’s stock and create additional revenue. Both companies have developed a platform that helps customers and employees use knowledge to solve problems and improve customer satisfaction. Both companies provide innovative software solutions and services to improve business processes. For example, the companies offer electronic communication solutions like chat and wireless solutions. Another company, Talent Neuron, offers market intelligence technology tools to provide companies with a normalized view of talent market dynamics, cost analysis, and availability.
Art Technology Group has acquired Primus Knowledge solution in an all-cash transaction valued at $30 million to $33 million. The deal is valued at approximately $55 per share, or about 4% of Art Technology Group’s current market cap. It is a merger of two highly complementary companies that have been in business for over 20 years. While they will share the same headquarters, the two companies will operate independently from each other. The companies will continue to operate under the Primus brand.
Art Technology Group Buys Primus Knowledge Solutions
Primus Knowledge Solutions, Inc. held its Annual Meeting on June 2, 2004. Promod Haque, a veteran of the software industry, was elected to serve as the company’s executive vice president and director. He will serve as a director until the 2007 Annual Meeting of Shareholders, or until a successor is chosen. The company has revenues of about $90 million for the 12 months ended June 30, 2004, and it is expected that the merger will result in savings of $10 million to $15 million per year.
The company implemented the Primus knowledge management software in its SupportNet KnowledgeBase, a web-based knowledge database for customers. The company is an industry leader in electronic hardware and provides award-winning support. The SupportNet KnowledgeBase system was launched in December 2002 and leverages the Primus(R) eServer and iView for expert agents. These products will help the customer support team better support the company. The system also enables experts to view the solutions and resolve problems.
In addition to providing knowledge management software, Primus Knowledge Solutions also provides services to businesses in the health care, education, and pharmaceutical industries. The company’s recent acquisitions in the United States have increased its market share and boosted profits by over tenfold. Its stock price has soared to $280 million and the company’s revenues are expected to continue growing. This means that Art Technology Group’s investment in Primus is a good fit for the company’s future prospects.