Gores Technology Group Acquires Forgent Networks Videoconferencing Hardware Services Business
July 10, 2003
LOS ANGELES, California, July 10, 2003 - Gores Technology Group ("GTG"), a privately held international acquisition and management company, announced today that through its affiliate, GTG Holdings Corp., it has acquired Forgent Networks ( Nasdaq: FORG ) videoconferencing hardware services business, based in King of Prussia, Pennsylvania.
The company, which has been named Pierce Technology Services, Inc. ("PTS"), provides one of the most comprehensive after-market support programs available in the videoconferencing industry. PTS provides maintenance services, technical support, resident engineers, total call management and training for videoconferencing equipment manufactured by Ezenia! Inc., Lucent Technologies Inc., Polycom Inc., RADVision Ltd, Sony Corporation, TANDBERG, Vcon, VTEL Products Corporation and Zydacron. PTS provides maintenance support and after-market services to over 7,000 sites globally, offering standard support service as well as contracts customized to meet specific customer requirements.
"The acquisition of the Forgent videoconferencing hardware services business enables Gores Technology Group to make a significant investment in the exciting visual communication market. We are convinced that the acquisition will ideally position GTG to build a market leading organization around the strengths of PTS, which include over 20 years experience from a seasoned management team and highly skilled workforce together with world-class distribution channels and partners," said Vance Diggins, CEO of Gores Technology Group.
James MacKenzie, Group President of GTG added, "We believe Pierce Technology Services has significant growth potential and we are convinced that the company will quickly realize its true potential as a market leading multi-vendor services company in the videoconferencing space."
About Gores Technology Group
With headquarters in Los Angeles, Gores Technology Group is a privately held international acquisition and management firm that pursues an aggressive strategy of acquiring promising high-technology organizations and managing them for growth and profitability. GTG has a successful track record of acquiring and managing companies -- including many divisions acquired from large publicly traded companies -- through its commitment to customers, employees and continued development of intellectual property. GTG has acquired and managed approximately 40 interrelated but autonomous technology-oriented companies with locations throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base representing millions of active users worldwide.
Forgent Networks is a leading provider of enterprise meeting automation software and services that enable organizations to schedule and automate their meeting environment. By streamlining the planning, scheduling and execution of meetings, organizations recognize increased productivity and reduced administrative overhead associated with their meeting environment. Forgent's software provides one-stop scheduling of all resources necessary for complex conferences and automatically launches the communications media used for any meeting. The newest suite of products, Forgent ALLIANCEä, incorporating additional functionality will be announced in July 2003. For additional information visit www.forgent.com.