| September 16, 2004 |
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| USi Completes Appshop Acquisition |
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| Portfolio Company: USi (acquired by AT&T (NYSE:T)) |
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Annapolis, MD, 9/16/2004 — USi, the leading enterprise Application Service Provider (ASP), announced today the completion of its acquisition of Appshop, a leading provider of application outsourcing and professional services for the complete Oracle application lifecycle. With more than 160 application hosting clients, the combined company creates the market dominant enterprise ASP, and expects to be both Net Income and Operating Cash Flow Positive during the fourth quarter of 2004.
The company also announced today that Larry Abramson, Appshop's president and CEO, joins USi's Senior Leadership team as Senior Vice President, Worldwide Sales and Marketing. In his new role, Mr. Abramson leads a significantly expanded sales and marketing organization where he will maintain overall responsibility for customer acquisition and business development. With a primary directive to accelerate USi’s market leadership, Abramson's expanded organization will focus its energies toward supporting the company's growth plans, and ensuring that clients, prospects, and the marketplace understand the unique business value and cost advantages that USi brings to its world-class application outsourcing clients.
"I couldn't be more pleased by the merger of the two companies. The complementary offerings of USi and Appshop, the similarities between our service and delivery models, and the talent in each organization positions us well to capitalize on our financial and market leading position," said Andy Stern, Chairman and CEO, USi. "What's more, I am thrilled to welcome Larry Abramson to USi's Senior Leadership team. Larry brings to USi a wealth of experience in cultivating, building and growing a business. He will be an enormous asset to the USi's team."
USi's acquisition of the premier Oracle application outsourcer reinforces the company's overall commitment to helping sophisticated enterprises achieve best-in-class performance, while realizing significant cost savings and enhanced business value from their IT investments. USi offers one of the industry's broadest application portfolios, which now features Ariba, BroadVision, Microsoft, Oracle, PeopleSoft, Siebel Systems, Vignette, and a number of other leading enterprise applications. Coupled with USi's AppHost offering for non-standard applications, its broad array of value-added services, such as Business Process Outsourcing for Payroll and Payroll Tax and Benefits Administration, and its dedicated professional services capabilities, USi offers enterprises the ability to consolidate their application outsourcing with a single vendor to maximize cost-savings, standardize best practices, and realize the full potential and highest level of performance across their entire application portfolio.
"The combination of USi and Appshop is terrific for both customers and employees. I'm truly delighted to join USi and in particular, the company's superior senior management team," said Abramson, USi's Senior Vice President, Worldwide Sales and Marketing. "The market demand for the delivery of leading enterprise applications as a service has significantly increased over the last several quarters. Our shared blue chip client base, stellar ISV partnerships, and the strength of our combined brand will only serve to further extend our reach into this growing market."
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