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Frequently asked questions concerning the Endeavor/Elsevier Science merger

Press Release: Endeavor Information Systems, Inc. [April 7, 2000]

Copyright (c) 2000 Endeavor Information Systems, Inc.

Abstract: Endeavor Information Systems has agreed to merge with Elsevier Science, a division of Reed-Elsevier.


What has happened?

Endeavor Information Systems has agreed to merge with Elsevier Science, a division of Reed-Elsevier.

Why did Endeavor do this?

Endeavor made this decision because the industry is undergoing fundamental change brought about by the convergence of library automation with the broader information retrieval marketplace. We believe that more powerful information retrieval methodologies can be delivered by partnering the information management techniques more closely with the content itself.

Why did Elsevier do this?

Elsevier Science has a great deal of significant content and has been investigating various ways to deliver it more effectively. They know that end-users want easy and consistent access to their content. They believe Endeavor has the expertise and technology to provide that access on an ongoing basis. This partnership will allow them access to technology and expertise resulting in more sophisticated content delivery mechanisms, better searching capabilities and a technological foundation that will allow them to compete more effectively in their particular market.

What is the size of the transaction?

We cannot publicly disclose the terms of the merger. However, it is fair to say that the transaction represents above average multiples of both revenue and profit margin. Endeavor is an ongoing, successful, very profitable company and, unlike other mergers and acquisitions in the library automation marketplace, is entering this transaction from a position of strength. Endeavor management looks forward to continuing to set the pace for technological excellence in the library automation marketplace.

What will happen to Endeavor's current management?

All senior managers at Endeavor have been offered employment contracts. We continue to be dedicated to leading the library automation marketplace into the new century.

Will this agreement trigger the escrow agreement?

No. Because Endeavor is alive and well as a corporate entity and our support operations will continue without interruption, the escrow agreement remains in force. This is not an event that would trigger the release of source code from the escrow.

Will Endeavor be moving its office?

No. Our Intergalactic Headquarters will remain in beautiful Des Plaines, IL, in the shadow of 0 Hare International Airport.

Will Endeavor change its name?

No. We will continue to do business under our current name.

Are there plans to decrease staffing because of the merger?

No. We are continuing to grow at a rapid pace and will add staff as appropriate to that growth.

Are there plans to increase staffing because of the merger?

We are continuing our controlled growth plans and will be adding staff as appropriate to our existing plans.

When will the merger be official?

We expect it will be completed by the end of April.

The library automation market has a history of disastrous and unfortunate mergers. Why will this one be different?
Endeavor is entering this merger from a position of strength. We have learned lessons from our past experiences. We sought a partner that would help position us to continue our leadership in the industry. Changes in the industry caused us to start thinking about where library automation was going and how to anticipate future corporate needs. This is not a merger of desperation, but one of opportunity and synergy between equals.

What is the likely short-term impact on the library automation marketplace?

We expect very little change to be perceived by the marketplace, except that we will be moving very quickly to demonstrate the advantage of the marriage of Elsevier's content with the Voyager library management system.

What is the status of Endeavor's current customer contracts?

Endeavor continues as a corporate entity. All contracts with Endeavor will remain in force. All maintenance agreements will remain intact without modification. Customers in implementation and support will continue on without interruption.

How will this affect pricing?

Endeavor will maintain our current pricing model and current pricing levels. We are investigating some creative ways of packaging or bundling combined product offerings. We will be rolling out these plans in the coming months.

How will this affect support operations?

Support will continue without interruption or modification. The help desk and help desk number will function as before. We have recently made a significant investment in support and customers are already reaping the benefits.

I am a prospective customer. Who do I talk to about my questions and concerns?

Please continue to interface with your Endeavor Account Managers. They will be contacting you in the next few weeks to answer any questions you might have about the impact of this transaction on your current selection process. Endeavor will continue as a going concern and will continue to aggressively present Voyager to the marketplace.

In addition to your Regional Account Manager, please feel free to contact any of Endeavor's management, or phone Jane Burke directly, with your questions and concerns. We want to make sure you understand the benefits of this transaction.

My university recently signed a contract with Endeavor for Voyager. How will this affect the timelines and project plans that we have negotiated with our Project Manager for our implementation?

Ongoing implementations will not be affected by this transaction. You should speak directly with your Project Manager about your questions and concerns.

How will the merger affect future development of Voyager?

The Voyager Library Management System is our flagship product and will continue to be our major development focus. At the User Group meeting, future developments of Voyager were announced. Endeavor will continue to aggressively develop Voyager and we have several ongoing task forces that are suggesting enhancements to the product. We will continue this practice and the work of these task forces will be scheduled for future development as we had planned.

How will the merger affect the future of ENCompass?

ENCompass continues to be an important development initiative for Endeavor and fits in nicely with the merge r3s main benefit going forward: the integration of content with the management and delivery of that content. Development schedules for ENCompass have not changed. We continue to work closely with our main development partner for this project, Cornell University. We expect to deliver software to Cornell in the summer of 2000, as originally scheduled.

How will the merger affect the ISO ILL development?

Our partnership with CLIO to create a fully integrated interlibrary loan module is intact and moving forward aggressively. ISO ILL and the planned integration for Voyager2000 and beyond will continue unaffected. The plans for the British Library interface are also unchanged.

What is Lloyd's future with the new organization?

Lloyd has been specifically mentioned in the merger agreement and will continue to be cared for and will continue in his leadership position with the new organization. The clause in the merger agreement calls for Lloyd to be with Endeavor for the balance of his natural life.

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Publication Year:2000
Type of Material:Press Release
Language English
Issue:April 7, 2000
Publisher:Endeavor Information Systems, Inc.
Place of Publication:Des Plains, IL
Company: Endeavor Information Systems, Inc.
Elsevier Science
Products: Voyager
Subject: Mergers and acquisitions
Online access:http://www.endinfosys.com/news/join.htm
Record Number:7646
Last Update:2012-12-29 14:06:47
Date Created:0000-00-00 00:00:00