DESKTOP DATA AND INDIVIDUAL COMPLETE MERGER, LAUNCH NEWSEDGE CORPORATION
Boston, Massachusetts, February 25 - Desktop Data, Inc. (Nasdaq: DTOP) and Individual, Inc. (Nasdaq: INDV) announced that they have completed their merger and launched NewsEdge Corporation (Nasdaq: NEWZ). Previously, in January 1998, Desktop Data, Inc. had acquired ADP/ISS. The combination of these three companies creates the recognised leader in global news and current awareness solutions for business. In separate special meetings in Boston today, the companies' shareholders approved the merger. Shares of the NewsEdge Corporation will begin trading on the Nasdaq National Market on February 25, 1998 under the ticker symbol NEWZ.
Under the merger terms, shares of Desktop Data, Inc. common stock are being exchanged for all outstanding shares, options and warrants of Individual, Inc. on the basis of one share of Desktop Data, Inc. common stock for two shares of Individual, Inc. common stock. In today's actions, the name of Desktop Data, Inc. was changed to NewsEdge Corporation.
Following the shareholder meeting, NewsEdge Corporation constituted a seven-person Board of Directors, selected from members of the Individual and Desktop Data boards. It named Donald L. McLagan (formerly Chairman, President and CEO of Desktop Data) as Chairman, President and CEO of NewsEdge Corporation; Michael E. Kolowich (formerly Chairman, President and CEO of Individual, Inc.) was named Vice-Chairman. In addition to McLagan and Kolowich, other board members for the new Company are: Ellen Carnahan, a general partner of William Blair Venture Partners III; Rory J. Cowan, Chariman and CEO of LioNBRIDGE Technologies; Dr. James Daniell, Chief Executive Officer of LITLnet LLC; W. Anderson Devereaux, Managing Director of American Capital Company; and June Rokoff, former Senior Vice President, Lotus Development Corporation.
NewsEdge Corporation will announce 1997 pro forma combined financial results later today.
"The roughly 100 days since the announcement of this merger have been filled with intense work between the companies, preparing to bring them together," said McLagan. "Over the next several days, the fruits of this work will be quite apparent as we reveal NewsEdge Corporation's strategy and ship the Company's first joint products."
"Our two companies are strategically complementary and physically close," observed Kolowich. "This has given us a huge advantage in combining the companies. The new company will combine the energy of a startup with the stability of a market leader, and will be effective in the marketplace from Day One."
NewsEdge Corporation is the leader in global news and current awareness solutions for business. The Company's mission is to make news valuable for busy people at work. Formed by the merger of Desktop Data, Individual, and ADP/ISS, NewsEdge Corporation is the world's largest independent news integrator. Clients at 1,000+ organisations are provided with a powerful combination of authoritative content, a comprehensive line of technologies, customisation options, editorial value-added capabilities, and unparalleled client support and consulting services. NewsEdge Corporation helps business people find the most important, relevant stories from the overwhelming volume of daily news, enabling them to act on the most current information possible.
NewsEdge Corporation has architected its product line to fit into a wide variety of corporate environments, from trading floors to executive suites. NewsEdge products feature multiple user interfaces and a complete set of feature and delivery options, using the Internet/Intranet, groupware platforms, fax or electronic mail. Product capabilities range from filtered, real-time scrolling news to editorially enhanced news briefings presented by topic, industry or Company, all powered by the world's most robust news refinery. NewsEdge delivers more than 50,000 stories from 2,000+ global information sources from over 120 of the world's leading publishers daily to more than 950,000 paid, registered, or authorised users. NewsEdge supports its products with a complete range of direct sales, service and consulting professionals.
NewsEdge Corporation is headquartered in Burlington, Massachusetts with sales offices throughout North America, Europe and Japan. Shares of NewsEdge Corporation are traded publicly on the Nasdaq National Market (NEWZ).
NewsEdge Corporation has business partnerships and strategic alliances with Avesta Technologies, BackWeb Technologies, Bloomberg, Capitol Hill Software, CNBC/Dow Jones Business Video, CompassWare Development, CSK Software, DataChannel, Digital Knowledge Assets LLC, Lotus, Microsoft, Midas- Kapiti International, NETCOM, Netscape, Seibel Systems, TIBCO Financial, and Toshiba.
For more information, visit the Company's web site: http://www.newsedge.com.
Certain of the above statements, including, without limitation, any statements regarding the Company's expectations for future growth in revenues and users and customers and achievement of profitability, are forward looking statements that involve risks and uncertainties. Actual results could differ materially as a result of a variety of factors, including, changes in the rapidly evolving market for business information services, changes in the mix of revenue sources including risks associated with achieving larger enterprise sales, risks of technological change and new product introductions, risks associated with acquisitions, competitive developments, and other risk factors described from time to time in the Company's SEC reports.
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