Gores Technology Group Creates Innovative Transaction with Finnish Internet Company
September 7, 2000
Proha Plc's Acquisition of Artemis Management Systems Illustrates Gores Technology Group's Commitment to Enter Worldwide Public Arena
LOS ANGELES, September 7, 2000 -- Gores Technology Group (GTG), a leading privately held international acquisition and management company, today announced the acquisition of Artemis Management Systems, a worldwide developer of advanced enterprise-class project management software solutions, by Proha Plc, a fast-growing Internet technology solutions company based in Helsinki, Finland. The transaction is valued at $50 million in cash and stock. As a result of this acquisition, GTG Chairman Alec Gores becomes a principal shareholder of Proha and will serve on its board of directors.
"This acquisition demonstrates our ability to create a stronger and more profitable company for the worldwide public arena by combining two successfully, well-run companies," said Gores. "Our ability to orchestrate this major international acquisition shows our strong and continuing commitment to be a leading worldwide provider of software and services."
GTG purchased Artemis three years ago to focus and manage its operations and build it into a profitable market leader of project management software. Proha, a recognized leader in Europe for its wireless and Internet-based project and financial management business solutions, has been a major distributor of Artemis products for 16 years.
"Nordic markets lead the world in adopting mobile and Internet-based management solutions," said Steve C. Yager, president and CEO of Artemis. "With Proha, we can tap into the intellectual and financial capital of a recognized leader in the wireless project management market and accelerate our plans for creating innovative solutions for rapidly emerging markets."
This acquisition provides Artemis with additional assets and technologies for introducing its next generation products. Together, Artemis and Proha will have a much greater capacity for establishing a worldwide presence in the mobile and Internet-based project management services.
"The combination of Proha and Artemis will create a dynamic, market-leading enterprise that can help all our customers achieve better business management results in this increasingly competitive, Internet-based business world," said Pekka Pere, president and CEO of Proha.
About Artemis Management Systems
Artemis provides software and professional services that help large and medium-sized enterprises to more effectively manage their projects and workforce resources with an integrated suite of products and services. The company's products, available in client/server and Web-based environments, improve coordination, communication and collaboration on projects, tasks and business goals for centralized or dispersed project teams. Artemis, headquartered in Boulder, Colorado, will continue operating out of its 40 offices in 27 countries, serving customers in a wide range of industries including banking and finance, pharmaceuticals, telecommunications, aerospace and defense, manufacturing, and engineering and construction.
About Proha Plc
Proha focuses its IT products on management in the Internet age, including project management, financial management and Internet technologies. The company was listed on the NM-list of the Helsinki Exchange in October 1999. After the listing, the company has grown very rapidly through acquisitions and organic growth in sync with its strategy. Proha's pro forma turnover in 1999 was approximately about FIM 390 million. About Gores Technology Group With headquarters in Los Angeles, Gores Technology Group (GTG) 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's established infrastructure currently manages a portfolio of 22 interrelated but autonomous technology-oriented companies that are located in 50 countries throughout the world. Those companies provide a broad range of technology-based products and services to a substantial customer base of 20,000 that represent over 2.0 million active users. Visit the company's Web site at www.gores.com.