Press Release
GREENWICH, CT, November 21, 2006 - HALO Technology Holdings, Inc. (OTCBB: HALO) announced today that it has closed its acquisition of the Insurance Risk Management (IRM) and ViaMode divisions of Unify Corp. (OTCBB: UNFY) as part of a simultaneous transaction in which Unify acquired HALO’s Gupta subsidiary. HALO received a total of $6.1 million in cash and acquired the IRM and ViaMode divisions of Unify. In return, Unify acquired HALO’s Gupta subsidiary. The final terms of the acquisition agreement were amended as part of this transaction to eliminate Unify’s issuance of five million common shares and a warrant for 750,000 common shares to HALO in exchange for increasing the cash consideration paid by Unify to $6.1 million from $5.0 million.
The Insurance Risk Management Division develops and markets NavRisk, a market-leading policy administration and underwriting system for the alternative risk market. IRM joins with HALO subsidiary DAVID Corporation to deliver comprehensive risk management solutions designed to reduce customers’ overall claims costs. DAVID and IRM deliver software solutions and services to over 110 loyal customers and offer a broad set of solutions for automating, managing and streamlining policy and claims management and business processes. The NavRisk solution is used by customers to process over one billion dollars in premiums annually and enables gains in efficiencies, accuracy and resource savings, with the added benefit of consolidated data analysis for better, faster business decisions.
“We are excited to have joined forces with Insurance Risk Management Division. The combination of their expertise in policy administration and underwriting with DAVID’s tradition in claims management creates a powerful and compelling solution for today’s Risk Management organizations,” said DAVID President and CEO Alex Aminian. “The acquisition builds upon DAVID’s vision of extending the enterprise beyond claims. We look forward to addressing the growing market opportunity for integrated systems that manage the entire insurance lifecycle from issuing policies and administering claims, to billing and business process management as well as compliance reporting and analytics. Combining DAVID and IRM enables us to accelerate time to market in delivering integrated, internet based risk management solutions that customers require to increase their profitability, customer satisfaction and competitiveness.”
IRM General Manager Dan Romine noted, “As a leading provider of policy administration software solutions, we’ve known that claims management is the piece we have needed to round out our offerings. Becoming part of DAVID Corporation achieves this goal, and the proficiency in risk management that our combined organization brings to the market is unsurpassed.”
As a result of this transaction, DAVID Corporation will now offer the new NavRisk product suite which leverages state-of–the-art portal and rules-engine technology addressing the entire Risk Management lifecycle.
Speaking about the divestiture of Gupta, HALO CEO Ron Bienvenu said, “We wish Unify and the Gupta team great success in the future. This transaction will allow HALO to significantly lower our senior debt burden while at the same time focus our time and resources on our core foundation companies. The DAVID/IRM combination exemplifies the kind of dynamic merger that we believe will provide exciting and profitable long term growth. I would like to welcome the IRM team and customers to the HALO family.”
About HALO Technology Holdings, Inc.
HALO Technology Holdings, Inc. is a global provider of a diversified range of standards-based enterprise software applications and on-demand solutions. HALO's strategy is to acquire and operate private and public enterprise software companies with a commitment to sustainable growth. HALO portfolio companies focus on customer service, product quality and profitability to build long term customer relationships and ensure customer satisfaction today and into the future. Everyday, leading corporations and institutions, including companies like IBM, Phillip Morris, John Deere, Merck, Boeing, Bacardi, Motorola, The Home Depot, Southern Company and thousands more, rely on our portfolio companies to deliver high quality, enterprise class software and services on a global basis. For more information, please see our website at www.haloholdings.com.