CIMdata PLM Industry Summary Online Archive

17 November 2005

Acquisitions

netGuru, Inc. Sale of REI Division Approved; Shareholders Approve Sale to Bentley Systems for $23.5 Million, Close Expected Before Month-End

netGuru, Inc. shareholders approved the sale of Research Engineers, Inc. (REI) to privately held Bentley Systems, Inc., a provider of software and solutions for the architecture, engineering, and construction (AEC) market, for $23.5 million.

Under terms of the sale, which is expected to be completed before November 30, 2005, Bentley will acquire the worldwide operations of REI, including the STAAD product line, customer agreements and relationships, and REI offices in Yorba Linda; Bristol, UK; Kolkata, India; and other parts of Europe and Asia. STAAD product development and integration are expected, but Bentley will continue to sell the stand-alone STAAD product line in conjunction with its integrated structural solution sets.

netGuru will continue its Web4 collaborative software operations, information technology, and engineering business process outsourcing services businesses. netGuru will also retain associated software, including eReview and ForReview, and associated personnel and facilities, including the use of certain REI facilities for its continuing operations.

netGuru Chairman and Chief Executive Amrit Das commented: "The sale of REI will not only provide needed resources for STAAD's continued growth but will also allow netGuru to realize substantial value for this asset and strengthen liquidity with a large cash position. As a result, the Company's board of directors and management are evaluating potential uses of proceeds with the objective of maximizing shareholder value. Based on the board's evaluation and findings, we will announce the recommendation and proceed with the Company's future course."

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