Let's Shake on It

PITTSBURGH  January 17, 2002  Moai Technologies, Inc., an e-sourcing solutions provider based in San Francisco, announced that it has completed its November-announced merger with Medebiz, Inc, a developer of software tools and infrastructure services for purchasing groups, healthcare systems, distributors, e-commerce companies and supply chain partners.

As a result of the merger, Moai hopes to provide a more comprehensive e-sourcing solutions that includes sourcing management, contract management, price management and spend anaylsis.

Under the terms of the agreement, all Moai Technologies and Medebiz assets will now be combined into one entry that will operate under the Moai Technologies name. Medebiz will become a division of Moai focused on the health care sector, serving Medebiz's current customer base. Ramesh Mehta will assume the role of CEO for Moai Technologies. Matt Miller, Moai's former president and CEO, will be closely involved with the company as an advisor.

Moai Technologies will now be headquartered in Pittsburgh, with additional offices in San Francisco, San Diego, Atlanta and London.

Redleaf Group and Harborvest Venture Partners are providing capital to the merged company. Additional terms of the transaction were not disclosed.