Solutions Acquisition of eGrail Delivers
Vital WCM Capabilities to FileNET Customers with a Focus on Ease-of-Use
and Low Cost of Ownership
COSTA MESA, Calif.--(BUSINESS WIRE)--April
2, 2002 -- FileNET Corp. (Nasdaq:FILE), the leader in Enterprise
Content Management (ECM), today announced it has signed a definitive
agreement to acquire the core assets of privately held eGrail Inc.,
a provider of enterprise Web Content Management solutions.
This strategic acquisition enhances FileNET's
position as the market-leading ECM supplier through the addition
of next-generation Web Content Management products for managing
Web sites of the Global 2000. The purchase of eGrail is an all cash
transaction valued at approximately $10 million. Effective immediately,
the eGrail product line will be made available and supported through
FileNET global sales and professional services organizations.
Founded in 1997 and based in Bethesda, Md.,
eGrail has developed a next-generation Web Content Management system
that offers enterprise scalable capabilities that are easy-to-use,
empowering authors across the enterprise to contribute to and manage
Web site content dynamically. eGrail serves customers in numerous
industries including communications, insurance, government, medical
"With the addition of the eGrail product
line, FileNET is immediately able to offer a sophisticated, yet
easy-to-use, Web Content Management solution to support our vision
of extended Enterprise Content Management," said Lee Roberts,
FileNET Chairman and CEO.
"It has become clear that large global
customers are looking to well-established software firms to provide
end-to-end ECM solutions. This mandate is driving industry consolidation
and favors companies like FileNET.
"With today's announcement, we believe
we are the only company that can provide Document Management, Image
Management, Web Content Management, Business Process Management
and Enterprise Application Integration as part of an extended ECM
solution. We also expect to make additional announcements in the
coming months that further extend our capabilities across this broad
market," added Roberts.
FileNET will host a conference call and simultaneous
audio webcast scheduled for Tuesday, April 2nd, 2002 at 11 a.m.
EST to discuss the eGrail core asset acquisition. Those interested
in participating may call U.S./Canada dial-in number 877/356-0535
or international dial-in number 706/634-7555 10 to 15 minutes prior
to the scheduled start time and ask for the FileNET's acquisition
of eGrail Conference Call.
Alternatively, participants may attend by
webcast at www.filenet.com. A replay of the conference call will
be available until midnight, April 9, 2002 at the above listed site
or by dialing 800/642-1687 or 706/645-9291. The conference call
ID number for all calls is 3624358.
FileNET provides "The Substance Behind
eBusiness"(TM) by delivering Enterprise Content Management
solutions that improve operational efficiency and leverage information
FileNET's solutions are designed to enable
organizations to realize increased productivity, customer satisfaction
and profitability by empowering customers, business partners, suppliers
and employees to engage in business processes and exchange relevant
With headquarters in Costa Mesa, the company
markets its innovative solutions in more than 90 countries through
its own global sales, professional services and support organizations,
as well as via its ValueNET(R) Partner network of resellers, system
integrators and application developers.
To put more substance into your eBusiness,
visit FileNET's Web site at http://www.filenet.com/ or call 800/FileNET.
Safe Harbor Statement under the Private Securities
Litigation Reform Act of 1995: This news release contains forward-looking
statements regarding the company's future performance and market
dynamics. Those statements and the company's future results of operations
are subject to risks and uncertainties. Such risk factors and uncertainties
include, but are not limited to, the company's ability to integrate
the eGrail product team and complete software development related
to the eGrail product platform, customer acceptance of the eGrail
product, the timing of, and fluctuations in orders for the company's
products, the mix of products and services sold by the company;
general conditions in the worldwide economy and the software/technology
sector; timely development and introduction of new products to respond
to customer demands; announcements of technological innovations,
new products or product enhancements by the company or its competitors;
the emerging nature of the Enterprise Content Management market;
key management changes; changes in joint marketing and development
programs; developments relating to patents or other intellectual
property rights or disputes; developments in the company's relationships
with its customers, distributors and suppliers; and other factors
discussed in the company's Annual Report on Form 10-K for the year
ended Dec. 31, 2001.
Note to Editors: FileNET, eGrail and ValueNET
are registered trademarks of FileNET Corp. and "The Substance
Behind eBusiness" is a trademark of FileNET Corp. All other
named products mentioned in this release may have been identified
by trademarks or registered trademarks of their respective holders.