Verity Inc. and Cardiff Software Inc. announced a definitive agreement for Verity to acquire Cardiff in a transaction with an aggregate purchase price of approximately $50 million in cash, adjusted for Cardiffs net cash balance as of December 31, 2003. Cardiff products include TELEform, LiquidCapture and LiquidOffice, a suite that automates document capture, e-Forms and workflow-driven business processes. Verity anticipates closing the transaction in 30 to 60 days, subject to the satisfaction of customary closing conditions. The transaction is expected to be accretive in the first full quarter of combined operations to Veritys net income on a cash EPS basis (which excludes purchase accounting adjustments). www.cardiff.com, www.verity.com

Share