Informatica Corporation (NASDAQ: INFA), a leading provider of data integration software, today announced it has completed the acquisition of Itemfield, an innovative provider of data transformation technology that enables near-universal access to unstructured and semi-structured data.
Over the last year, Informatica has integrated and delivered Itemfield technology as an add-on option to its flagship product, PowerCenter, enabling access to unstructured data. The acquisition will further extend the company's leadership in enterprise data integration with additional cross-enterprise data exchange technology. Industry-specific, data exchange formats supported include SWIFT, NACHA, ACORD, RosettaNet, HIPAA and HL7.
“Access to unstructured data is a key requirement for our customers to gain a holistic view of information mandated by their key business imperatives such as regulatory compliance. It is estimated that organizations spend over $1billion in IT projects to access unstructured data and enable cross-enterprise data exchange,” said Sohaib Abbasi, chairman and CEO of Informatica. “Jointly, Informatica and Itemfield offer our customers the most comprehensive data integration platform with near-universal access to integrate unstructured, semi-structured and structured data.”
About the Transaction
Informatica acquired all of the capital stock of privately-held Itemfield in a cash transaction valued at approximately $55 million, and the acquisition will be accounted for under the purchase method of accounting.
This press release contains forward-looking statements regarding our acquisition of Itemfield and our opportunity for growth in the data integration market. Such statements involve risks and uncertainties, and actual results may differ materially from the results described in this press release. The potential risks and uncertainties that could cause actual results to differ include, among others, risks related to our ability to (1) successfully integrate Itemfield and its employees into Informatica and achieve expected synergies, (2) compete successfully in this highly competitive and rapidly changing marketplace, and (3) retain key employees, as well as those risks and uncertainties included under the caption “Risk Factors” in Informatica’s report on Form 10-Q for the quarter ended September 30, 2006, which is on file with the SEC and is available on the company’s investor relations website at www.informatica.com. All information provided in this release is as of December 18, 2006, and Informatica undertakes no duty to update this information.