|PLEASANTON, Calif.--(BUSINESS WIRE)--May 1, 2001--PeopleSoft Inc. (Nasdaq:PSFT) today announced a definitive agreement to acquire SkillsVillage of Sunnyvale, Calif. Details of the acquisition will be discussed in a conference call with PeopleSoft's and SkillsVillage's CEOs Wednesday, May 2 at 5:30 a.m. Pacific time. |
The combination of these two companies will result in the industry's only pure internet collaborative solution that automates a company's entire services procurement process. Customers gain complete management control over spending on all services, and can automate procurement of services from requisition to payment and enable real-time collaboration between themselves and their services suppliers.
"The corporate spend on services is one of the largest expense line items in enterprises today," said PeopleSoft President and CEO Craig Conway. "The financial benefits of automating services far outweigh the benefits derived from automating other types of procurement such as Maintenance, Repair and Operation (MRO).
"PeopleSoft, already a leader in the ESA market, added more than 50 new customers in the first quarter of 2001. Our position in Human Resources Management, eProcurement and Supply Chain Management gives us a huge competitive advantage," Conway added.
"Together, SkillsVillage and PeopleSoft represent the first truly viable vendor in our market," said SkillsVillage CEO Chris Wong. "Combined with PeopleSoft's solutions in Human Capital Management, ESA, and eProcurement, we will become the first major enterprise vendor to deliver a full end-to-end solution for the entire services supply chain."
"PeopleSoft again has seized an opportunity to set a trend in the industry," said Bruce Richardson, senior vice president, AMR. "They recognize the business imperative today for companies to improve profits, increase efficiencies and reduce costs. Acquiring SkillsVillage vaults PeopleSoft into the leading position in the very lucrative services automation market while other MRO vendors are struggling to survive."
The transaction will be affected by the exchange of PeopleSoft stock and cash for all of the outstanding stock of SkillsVillage. It is subject to customary closing conditions, including compliance with applicable regulatory requirements. The acquisition is scheduled to close on May 31, 2001.
SkillsVillage was founded in 1999. It is a privately held company.
Media and analysts can join the conference call with Conway and Wong at 5:30 a.m. Pacific time Wednesday by dialing 888/780-9651 or 712/257-3074. (Call ID: Steve Hill (PeopleSoft)) The call will be webcast live at www.peoplesoft.com/go/investor.
PeopleSoft Inc. is a world leader in providing eBusiness applications that enable people -- customers, suppliers, and employees
-- to power the internet. PeopleSoft's pure internet Customer Relationship Management, Supply Chain Management, and Enterprise management solutions provide the industry's most open and flexible e-commerce platform. PeopleSoft employs more than 8,000 people worldwide, including 2,400 eBusiness consultants. More than 4,700 organizations in 107 countries run on PeopleSoft eBusiness applications. For more information, visit us at www.peoplesoft.com.
Statements made in this press release that state the Company's or management's intentions, beliefs, expectations, or predictions for the future are forward-looking statements. Readers are cautioned that these statements are only predictions and may differ materially from actual future events or results. The specific forward-looking statements relate to such matters as consummating and integrating the acquisition, retaining key personnel, and the Company's plans for the development and marketing of certain products and services and the competitive position and market acceptance of existing products and services. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: consummation and integration of the acquisition, the loss of key employees, the ability to complete and deliver products and services within currently estimated time frames and budgets; competitive pressures; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission. Please refer to the Company's annual report to shareholders (Form 10-K) and subsequent filings on Form 10-Q for more information on the risk factors that could cause actual results to differ.
Note to Editors: PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners.
Steve Swasey, 925/694-5230
Lorna Fernandes, 925/694-5451