Email acquisition:
SOURCE: OTG Software, Inc.
OTG Software to Broaden its E-Mail Storage Technology Through Agreement to Acquire Xvault, Inc.
BETHESDA, Md., April 18 /PRNewswire/ -- OTG Software, Inc. (Nasdaq: OTGS - news), a leading provider of interactive data storage management and data access software, today announced an agreement to acquire xVault, Inc., a leading provider of e-mail solutions headquartered in Falls Church, VA. This acquisition will strengthen OTG's ability to address the growing e-mail storage management market, and enhances OTG's strategy of becoming a leader in storing, tracking and retrieving e-mail. The combination of OTG and xVault will allow OTG to provide its customers with access to stored e-mail and attachments through a combination of OTG's indexing and direct read capability, and xVault's e-mail migration and intelligent search technology.
The transaction provides for the payment of approximately $6,000,000 in cash and OTG Common Stock. The acquisition is subject to customary closing conditions and is expected to close later this week.
The acquisition enhances OTG's capability to move into the e-mail message storage management market. International Data Corporation, an independent research firm, reports that in 1999 in the United States alone, 3.2 billion e- mails per day were sent, and this is projected to grow to over 9 billion per day in 2003.
``The acquisition of xVault will enable OTG to provide a unique and comprehensive e-mail management solution. We will reduce the clutter on e- mail servers and intelligently index and store e-mail messages and their attachments, while providing access through OTG's core DiskXtender storage technology coupled with xVault's search capabilities,' said Richard Kay, president and CEO of OTG Software.
``We are very excited about this marriage of technologies, which we believe will be a powerful tool for total e-mail management,' added Al Sivick, president of xVault. ``OTG's broad and established reseller network will also enable us to grow much faster.'
About OTG Software
Headquartered in Bethesda, Maryland, OTG Software, Inc. is a leading provider of online data storage management and data access solutions. OTG's software enables enterprises to store, track and retrieve data over a variety of network architectures, including the Web and storage area networks. OTG's products support over 700 storage devices, are easy to install and use, and can manage storage systems ranging in size from a single storage device to an enterprise-wide network storage system. OTG's products are used by over 7,000 organizations worldwide and are available through a network of over 300 VARs, distributors and OEMs. For more information, contact OTG at www.otg.com or 800-324-4222.
About xVault
Founded in 1998, xVault is a leading provider of e-mail solutions to government, business and industry. xVmail, the company's flagship product, provides a total e-mail archiving solution with hardware provided by strategic partners such as JVC's Professional Computer Products Division. xVault sells its products domestically and internationally through its sales partners in North America, Europe, Japan, Taiwan, Australia, and Singapore. The company is headquartered in Falls Church, Va. For more information, visit the company's web site at www.xVault.com.
SOURCE: OTG Software, Inc.
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