BILLERICA, Mass., Dec. 3 /PRNewswire/ -- Peritus Software Services, Inc.
(Nasdaq: PTUS) today announced that it has completed its acquisition of
Millennium Dynamics, Inc., a wholly-owned subsidiary of American Premier
Underwriters, Inc. based in Cincinnati, Ohio. The combined offering provides
IT organizations with one of the most comprehensive set of solutions to the
Year 2000 problem available today. Peritus exchanged 2,175,000 shares of its
common stock and $30 million in cash to acquire the assets and assume certain
liabilities of Millennium Dynamics.
"The acquisition broadens our presence in our existing markets as well as
expands our penetration into new markets. We are very excited, as are the
employees of both companies, about the prospect of going forward together,"
said Allen Deary, CFO of Peritus.
Douglas Catalano, CEO of Peritus said, "We have already begun to work
together and are very pleased with the progress we have made. The synergies
between the two companies are compelling. We believe there is a customer
understanding and acceptance of the total solution we are now offering."
About Peritus
A leading provider of Year 2000 solutions, Peritus provides software
products and services that enable organizations to improve the effectiveness
of evolving information technology systems. The company combines state-of-
the-art concepts and scientific principles from multiple disciplines including
organizational dynamics, workflow management, and formal mathematical
techniques into a dynamic, leading-edge approach to software evolution. With
the recent acquisition of Millennium Dynamics, Inc. and the addition of the
Vantage YR2000 product suite, Peritus now provides one of the most
comprehensive renovation solutions with the most flexible choice of packages
and pricing.
Peritus offers direct licenses of the AutoEnhancer/2000 and Vantage YR2000
products to clients who perform their renovations in-house. Peritus also has
agreements with value-added Service Providers who are licensed to use the
AutoEnhancer/2000 and Vantage YR2000 products to perform renovations in
conjunction with their own value-added products and services for the Year
2000. For more information, visit the Peritus Web site,
http://www.peritus.com, or call 1-800-598-7787.
NOTE: Peritus is a registered trademark, Automate:2000 is a registered
servicemark, and AutoEnhancer/2000 are trademarks of Peritus Software
Services, Inc. Vantage YR2000 is a trademark of Millennium Dynamics, Inc.
SOURCE Peritus Software Services, Inc.
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CONTACT:
Allen K. Deary of Peritus Software Services,
Inc., 978-670-0800, adeary@peritus.com or Jacqueline Crowley of
Peritus Software Services, Inc., 978-670-2500
jcrowley@peritus.com
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