DAYTON, Ohio, Oct. 16 /PRNewswire/ -- NCR Corporation (NYSE: NCR) today announced it has completed its acquisition of 4Front Technologies, Inc. Headquartered in the United Kingdom, 4Front Technologies is a fast growing provider of information technology (IT) services, including outsourcing, hardware maintenance, help desk support, and e-business services - primarily across Europe.
The total consideration to be paid by NCR in the transaction is approximately US$252 million, which includes outstanding options and warrants. Under terms previously announced, NCR will pay each 4Front Technologies stockholder US$18.50 per share in cash for each outstanding share of 4Front common stock held. 4Front stockholders have approved the acquisition, and will soon be mailed detailed instructions regarding how to exchange their stock certificates for the cash consideration.
The European operations of 4Front will be integrated into the Europe- Middle East-Africa region of NCR's Worldwide Customer Services division. 4Front's operations in the United States and Japan, which resulted from a previous acquisition, will be integrated into NCR's Americas and Japan regions respectively.
"The combined organization's strengths will be in providing businesses with complex, global technology deployments and with high availability support services," said William Eisenman, senior vice president of NCR's Worldwide Customer Services division. "There are tremendous synergies as NCR brings its globally recognized service capabilities to 4Front's business model and customer base. Additionally, the combined entity brings best-in-class e-business infrastructure services to the marketplace."
Excluding one-time items, NCR expects the transaction to be slightly accretive to earnings in 2001.
About NCR Corporation
NCR Corporation (NYSE: NCR) is a US$6.2 billion leader in providing Relationship Technology(TM) solutions to customers worldwide in the retail, financial, communications, manufacturing, travel and transportation, and insurance markets. NCR's Relationship Technology solutions include privacy- enabled Teradata(R) warehouses and customer relationship management (CRM) applications, store automation and automated teller machines (ATMs). The company's business solutions are built on the foundation of its long- established industry knowledge and consulting expertise, value-adding software, global customer support services, a complete line of consumable and media products, and leading edge hardware technology. NCR employs 32,500 in 130 countries, and is a component stock of the Standard & Poor's 500 Index. More information about NCR and its solutions may be found at www.ncr.com .
NCR and Teradata are trademarks or registered trademarks of NCR Corporation in the United States and other countries.
This news release contains forward-looking statements, including statements as to anticipated or expected results, beliefs, opinions, and future financial performance. These forward-looking statements are based on current expectations and assumptions and involve risks and uncertainties that could cause NCR's actual results to differ materially. Such risks and uncertainties include the timely development, production or acquisition, and market acceptance of new and existing products and services; shifts in market demands; continued competitive factors and pricing pressures; short product- cycles and rapidly changing technologies; turnover of workforce and the ability to attract and retain skilled employees; tax rates; ability to execute the Company's business plan; general economic and business conditions; and other factors detailed from time to time in the Company's Securities and Exchange Commission reports and the Company's annual reports to stockholders. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. SOURCE NCR Corporation
CONTACT: Paul Curtin, Public Relations, 937-445-3153, or paul.curtin@ncr.com, or Gregg Swearingen, Investor Relations, 937-445-4700, or gregg.swearingen@ncr.com, both of NCR Corporation/
