Tangram Enterprise Solutions, Inc. (BULLETIN BOARD: TESI.OB) , a leading provider of IT asset management software, has signed a definitive agreement to be acquired by Opsware Inc. (NASDAQ:OPSW). Opsware, based in Santa Clara, California, is the leading provider of data center automation software. The transaction will be an all stock transaction valued at $10 million (subject to certain adjustments), and represents approximately $.20 per share of Tangram common stock based on the closing price of Opsware common stock on December 3, 2003. In the transaction, Opsware will acquire all of Tangram's outstanding debt and shares of convertible preferred stock and common stock.
Tangram provides IT asset management software to a number of the Fortune 100 companies in the U.S., as well as several major international customers. Tangram also recently released its OverSight(TM) product, with patent-pending Crosshair(TM) technology that provides a powerful solution for IT security.
"Tangram has a strong installed based of customers," said Norm Phelps, President and CEO of Tangram. "Increasingly, our customers and prospects have asked for additional solutions from Tangram to address broader IT issues that go beyond asset management and security. The acquisition by Opsware will give our customers and prospects exactly what they have been seeking. Coupling Tangram's best-of-breed asset management products with Opsware's best-of-breed IT automation software will create an unparalleled offering in the market."
"The acquisition of Tangram expands the Opsware customer base by more than 200 customers, solidifying our lead in IT automation," said Ben Horowitz, President and CEO of Opsware Inc. "Integrated with Opsware's software, the Tangram products allow us to offer unprecedented visibility into assets under management and increased system and application security. In addition, integration of Opsware and Tangram products will extend Opsware automation to desktops and other IT infrastructure."
The transaction is expected to close in the first quarter of 2004, and is subject to customary closing conditions and regulatory review.
About Opsware Inc. (NASDAQ:OPSW)
Opsware Inc., formerly Loudcloud, is the leading provider of data center automation software, offering a complete solution for enterprises, government agencies, and service providers looking to reduce costs and increase IT efficiencies. The Opsware System uniquely combines process automation with built-in operations knowledge on numerous technologies. Opsware was the foundation of Loudcloud's software-powered managed services business and has been proven to lower costs, accelerate change, and increase service quality. For more information on Opsware Inc., please visit www.opsware.com .
About Tangram Enterprise Solutions, Inc. (BULLETIN BOARD: TESI.OB)
Tangram Enterprise Solutions, Inc., is the leading provider of cohesive, automated IT asset management software solutions and services for large and midsize organizations across all industries, in both domestic and international markets. Tangram's core business strategy and operating philosophy center on delivering world-class customer care, creating a more personal and productive IT asset management experience through a phased solution implementation, tailored solutions that support evolving customer needs, and leading-edge technical position. Today, Tangram's solutions manage more than two million workstations, servers, and other related assets. Tangram is a majority owned subsidiary of Safeguard Scientifics, Inc. ( www.safeguard.com ) (NYSE:SFE), an operating company that creates long-term value by taking controlling interest in and developing its companies through superior operations and management. Safeguard operates businesses that provide business decision and life science software-based product and service solutions. To learn more about Tangram, visit www.tangram.com or call 1-800-4TANGRAM.
