SupportSoft Signs Definitive Agreement to Sell Enterprise Software Related Assets to Consona Corporation
Acquisition Strengthens Consona’s Service and Support Automation Product Leadership.
Indianapolis, IN (April 06, 2009) –
Consona Corporation, a privately held company jointly owned by Battery Ventures VI LP and Thoma Bravo LLC and worldwide leader in providing customer relationship management (CRM) and enterprise resource planning (ERP) software and services for companies of all sizes, today announced that it has signed a definitive agreement to acquire the enterprise software related assets of SupportSoft, Inc. (NASDAQ: SPRT), a leading support automation software company, in an all-cash transaction valued at $20 million subject to certain adjustments as set forth in the definitive agreement. The transaction, which is subject to customary closing conditions, is expected to be completed during the second quarter of 2009.
Upon closing, the enterprise software related assets of SupportSoft will operate as product lines within Consona Corporation, specifically under the management of the Consona CRM division headed by General Manager Tom Millay. “This transaction will combine two businesses with very similar go-to-market strategies and customer bases,” said Millay. “Together, we can offer both an extremely powerful integrated solution as well as a set of powerful point solutions that will help companies focused on driving the customer experience, specifically in after-sale interactions in customer service and support, where we believe brands are made.”
Tim Hines, vice president of product management for Consona CRM, noted that SupportSoft’s Intelligent Assistance Suite is completely complementary to the Consona CRM service and support suite, and there is a high degree of overlap in their target markets, as they are built for organizations that are required to service and support complex, high technology products and services in order to maintain long-term customer relationships, such as cable, telecom and software companies; managed service providers; and large IT helpdesks. “The solutions extend the value propositions of one another and should be extremely appealing to their shared markets,” he said. “It is Consona’s view that the combined solution sets, encompassing case management, knowledge management, self-service, chat, collaboration, and diagnostics and repair, will further distance both vendors from the rest of the CRM marketplace.”
Upon closing, the product lines of SupportSoft suites will continue to be sold, enhanced, maintained and supported by Consona Corporation, both separately and as part of Consona’s Knowledge Driven Support solution. Each product line will have dedicated sales, product management, development, customer support, and professional services teams.
“The transaction is an important step for Consona as we continue to pursue our vision for profitable growth as a service and support specialty vendor within an increasingly consolidating software market space,” said Jeff Tognoni, CEO of Consona Corporation. “In addition to an extended solution offering, customers also gain broadened worldwide sales and services presence; expanded industry, product and process expertise; cross-selling opportunities across an expanded customer base; and substantial resources for growth.”
“This transaction represents a compelling opportunity to drive long-term value for our stockholders, customers and employees. Over the past year, we have taken steps to separate our Consumer and Enterprise businesses in order to sharpen our focus and realize the value inherent in each. The transaction allows us to focus on growing our Consumer business while enabling our Enterprise business to flourish within Consona,” said Josh Pickus, CEO of SupportSoft.
Conference Call
SupportSoft will host a conference call today at 10:30 a.m. EDT (7:30 a.m. PDT) to discuss the agreement to sell its Enterprise business to Consona. A live audio webcast and replay of the call will be available at the Investor Relations section of SupportSoft’s Web site at www.supportsoft.com/Company/investor_relations.html. The live call may be accessed by dialing (877) 874-1568 (domestic) or (719) 325-4804 (international) and referencing passcode: 1947469. A replay of the call may also be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international) and referencing passcode: 1947469.
About Consona Corporation
Consona Corporation (Consona, formerly known as M2M Holdings Inc.) is a worldwide leader in providing customer relationship management (CRM) and enterprise resource planning (ERP) software and services for companies of all sizes. Consona is dedicated to becoming a valued business partner by helping each and every customer continuously improve business processes over time. Toward this mission, Consona invests in the people, processes, technology and tools needed to provide its customers with a unique combination of customer care; product fit; a broad range of consulting, IT and business services; and industry expertise. Consona serves more than 4,500 customers worldwide and across a variety of industries. Battery Ventures and Thoma Bravo jointly own Consona. For further information, visit www.consona.com, e-mail info(at)consona.com, or call (888) 8 CONSONA.
About Consona CRM
Consona CRM is a product line and operating division of Consona Corporation. For medium to large enterprises with customer service or technical support operations who need to both improve customer satisfaction and reduce costs, Consona CRM’s software product suite facilitates effective and efficient customer interactions and resolution of customer issues across all channels and communities. Consona CRM solutions are installed in more than 1,500 companies across the globe in a variety of industries, including communications, high tech, financial, healthcare, government, telecom, retail, professional services and manufacturing. For further information, visit consona.com/crm.
About SupportSoft
The Enterprise business of SupportSoft (NASDAQ: SPRT) provides software and services that make technology work. The Company’s solutions reduce technology support costs, improve customer satisfaction, and enable new revenue streams for companies reaching 50 million users worldwide. For more information about SupportSoft and its enterprise offerings, visit supportsoft.com.
About support.com
support.com, the Consumer business of SupportSoft, provides Instant Technology Relief® to consumers and small businesses through a series of channel partners and www.support.com. For more information about the Consumer business and Instant Technology Relief for technology problems, visit support.com.
Source: Consona