Witness Systems Acquires Demos Solutions Consulting Group and Exametric
Witness Systems acquired Demos Solutions Consulting Group Ltd. (also known as Demos Solutions) and Exametric, Inc., two suppliers of enterprise productivity and resource planning solutions to the financial services industry.
The aggregate purchase price for both transactions is $29 million in cash plus a potential earn-out of up to $18 million based on the growth of the business over the next few years. The acquisitions will be financed from Witness Systems' existing cash resources. These acquisitions are expected to be accretive (before amortization of intangibles and other acquisition-related costs) and add $13 million to $15 million to the company's revenue in 2007.
The two companies will be combined and operate as Witness Enterprise Solutions, a group focusing initially on WFO solutions for retail bank branches and operations.
The new Witness Enterprise Solutions group will be led by Darryl Demos, the CEO and founder of Demos Solutions.
With this combination, current Witness Systems customers will be able to extend their technology investment from the contact center to their branch offices and other areas of the enterprise that impact the customer experience. Similarly, Demos Solutions and Exametric customers will have access to a broader range of WFO solutions, including customer interaction recording, performance management, e-learning and other performance improvement and analytical software from Witness Systems.