(Euronext Amsterdam) - Seagull Software Signs Letter of Intent to Acquire Farabi Assets
(27/02/06 17:52 CET)
Seagull Software Signs Letter of Intent
to Acquire Farabi Assets
Combination Strengthens Presence in Canada and Middle East,
Adds .NET Technologies and Expertise
ATLANTA GA – 27 February 2006 - Seagull Software (Euronext: SEAGULL) announced today that it has executed a letter of intent to acquire certain assets of Montreal, Canada-based Farabi Technology Corporation including all software products and intellectual property, the Farabi brand name and the company’s installed base of customers.
“We continuously seek opportunities to enhance shareholder and customer value through expanding our geographic reach, product portfolio and customer base,” said Don Addington, Seagull Software CEO and President. “Farabi Technology has been a highly respected emulation and integration software company since 1987. This combination is expected to expand Seagull Software’s presence in Canada and the Middle East, add over 200 customers to our installed base and give us additional .NET technology and expertise.”
Farabi Technology customers are located primarily in Canada, the Middle East and the U.S. and include the National Bank of Canada, Continental Airlines, and Saudi Airlines. In addition, Farabi has a significant market share in the government and banking sectors in the Middle East Gulf region.
Michel Kassar, President of Farabi Technology, said “We are extremely excited by the opportunity to combine our market footprint with Seagull Software’s presence in the United States and Europe. We also see great opportunities for ongoing technology innovation as we bring together two deeply experienced organizations.”
Plans include maintaining Farabi Technology’s Montreal development lab and sales office, and expanding the strong relationship with its Middle East distributor to include Seagull Software’s LegaSuite products. Closing of the transaction is anticipated to occur within one month, subject to completion of certain closing conditions and the definitive purchase agreement.