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NEWS FLASH
2000 - 44 (Dec. 2000) ACQUISITIONS, MERGERS & AGREEMENTS 724 Solutions to Acquire TANTAU Software To expand its horizons beyond North America, Toronto-based 724 Solutions Inc. announced that it has acquired Austin, Texas-based TANTUM Software, a company with an established presence in Europe. The deal is an all-stock transaction valued at $375 million. 724 Solutions has built a reputation by offering end-to-end solutions for the likes of the Bank of America and the Bank of Montreal. Meanwhile, TANTAU has specialized in operating systems and other building blocks for e-commerce and m-commerce solutions for such institutions as Credit Suisse Group and MeritaNordbanken. Chris Erickson, the current president of 724 Solutions, explained, the acquisition is intended to help the company go after enterprises that may not want a full, end-to-end system. The combined talent of the two companies will create "one strongly positioned global company poised to monetize the mobile Internet," said John Sim, TANTUM’s co-founder, president and CEO. The blue-chip customers along with strategic OEM and reseller relationships brought to the negotiating table by both companies will provide the combined company with the leverage to expand its presence in the financial institution sector worldwide. For more information: Mobileinfo Comments and Advisory: 724 has been very successful so far. However, it is playing in a market which is the target of big integrators like IBM, EDS and Anderson. Therefore, to keep their identity as an important they must expand vertically and horizontally across the financial sector. Tantum will give them a foothold in Europe. Note: This news release may contain forward-looking statements. Readers should take appropriate caution in developing plans utilizing these products, services and technology architectures. All trademarks used in this summary are the property of their respective owners. NEWS
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