Extensity Update

Sets March 6 for vote on takeover deal with Geac

Tempe, AZ  February 12, 2003  Shareholders of Extensity, a provider of employee relationship management solutions, are set to vote on March 6 on the proposed takeover of the company by Canadian e-business solution provider Geac Computer Corp.

The proposed $46 million deal, announced last year, calls for Extensity to merge with a wholly owned subsidiary of Geac.

Extensity scheduled the vote after the U.S. Securities and Exchange Commission declared effective Geac's registration statement relating to the proposed acquisition. A vote on the deal had been held up while Geac, headquartered in Toronto, converted its second-quarter results to comply with U.S. accounting standards.

When the companies announced the deal, Geac said it would maintain Extensity's solution, making it a platform upon which Geac would continue to build future enterprise applications.

Extensity provides solutions to streamline such processes as employee travel and expense reporting, and billable and payroll time capture and procurement. Extensity said it has licensed more than 1,000,000 seats worldwide to companies such as A.T. Kearney, Cisco Systems, Fluor and Office Depot.

For more information on solutions for travel and expense management, see the article "Expense Reports Made Inexpensive," the Net Best Thing column in the December 2001 issue of iSource Business.