Gores Technology Group Acquires Artemis
February 25, 1997
International high technology acquisition and business management specialist Gores Technology Group today announced the completion of its purchase of CSC Artemis, a subsidiary of Computer Sciences Corporation (NYSE: CSC).
"Artemis perfectly suits the Gores acquisition profile. Its brand name, product recognition, extensive customer base, and dedicated employees are recognized internationally as being of the highest caliber," said Alec Gores, Chairman of Gores Technology Group. Established in 1978, Gores has grown into a worldwide operation specializing in identifying and acquiring independent software companies or business divisions, and managing them for growth and profitability. "In this case, Artemis satisfies our fundamental acquisition profile and business goals; niche market leadership, product superiority, and business profitability." Van B. Honeycutt, CSC's President and Chief Executive Officer, noted that CSC will continue to work with Artemis on a number of projects for mutual clients, and that CSC itself continues to use Artemis on multiple programs for clients domestically and internationally. "The agreement is positive news for all participants. CSC will benefit from the ongoing success of Artemis, and we feel confident that Artemis will continue to prosper under Gores Technology Group," Honeycutt commented. Artemis is a developer of highly regarded Project management software, and serves nearly 2000 customers through a network of 50 offices in 27 countries. Acknowledged by a recent industry report as the market leader in high-end Project management systems, Artemis brings a new dimension to Gores' business profile. David Weisberg, publisher of Engineering Automation and A-E-C Automation Report, commented of the announcement, "Gores' history of strategic acquisitions has given them a diverse and profitable business profile. Artemis adds a number of important elements to that already sound foundation. Not only does CSC become an important Gores customer, it is clear Artemis' business model and distribution channels complement Gores' existing affiliates. In my view, this acquisition is good news for Gores, CSC, Artemis and its employees and customers alike." Gores' eighteen years of high-technology development and international business management experience ensures this purchase makes strategic sense for both Artemis and its customers. Similarly, CSC's decision to continue as an Artemis customer, and its commitment to cooperate on many future joint projects illustrates its high regard for Artemis' products and services. "CSC anticipates no change in the currently strong working relationship it has with Artemis. We'll do all we can to assure this acquisition process goes smoothly, and that Artemis customers perceive a seamless transition," Honeycutt concluded.