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News > Technology
Brio acquires Sqribe
February 23, 1999: 5:53 p.m. ET

Enterprise software firms combine in $270 million stock deal
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NEW YORK (CNNfn) - Brio Technology Inc. said Tuesday it would acquire Internet software firm Sqribe Technologies for approximately $270 million in stock.
     Brio (BRYO), a Palo Alto, Calif.-based maker of enterprise business intelligence software, said the deal will enhance its Web-enabled offerings.
     The privately held Sqribe, based in Menlo Park, Calif., makes enterprise reporting software that provides Web-based analysis.
     Brio Technology shareholders will hold approximately 55 percent of the combined company when the deal closes, with Sqribe shareholders holding the remaining 45 percent. The companies expect the deal to close in June.
     Brio, which reported $40.5 million in revenue in the 1998 calendar year, said it expects the acquisition to be neutral to earnings for its 1999 fiscal year, which ends March 31, 2000, and accretive in the fiscal year ending March 31, 2001.
     Yorgen Edholm, Brio president and chief executive officer, will retain his position at the combined company.
     Brio shares rose 3 to close at 23-3/4 in Tuesday trade.Back to top

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