PITTSBURGH, PA November 8, 2001 Moai Technologies, Inc., an e-sourcing solutions provider based in San Francisco, CA, today announced that it has signed a definitive merger agreement with Medebiz, Inc., a Pittsburgh-based developer of software tools, solutions and infrastructure services designed to enhance the performance of internet commerce companies, purchasing groups, vendors, distributors, and supply chain partners. The merger will enable the new company to provide a comprehensive range of solutions that previously have been absent from the growing e- sourcing marketplace.
After the merger, Medebiz will cease doing business under that name and will operate under the Moai Technologies, Inc. brand. The company will be headquartered in Pittsburgh and will retain Moai's current offices in San Francisco and the United Kingdom. Medebiz will operate as a division of the merged company and will continue to focus on the healthcare sector and to serve its current customer base. Ramesh Mehta, chief executive officer of Medebiz, will continue to serve in that role for the "new" Moai.
In addition, the company announced that Michael B. Nelson, managing director of Redleaf Group, will serve as the "new" Moai's Chairman. Redleaf Group was instrumental in bringing Moai and Medebiz together as part of its supply chain investment strategy. The goal of this strategy is to facilitate the integration of leading edge software and solutions into the enterprise by identifying and combining complementary technologies. Redleaf will provide capital to the "new" Moai for incremental structuring.
Additional terms of the transaction were not disclosed.
"Combining the expertise of Medebiz and Moai in consulting services, e-sourcing software and contract management software was a logical growth strategy because of the existing synergies between their technologies and customer bases," said Mehta. "The e-sourcing market is experiencing an increased demand for scalable and adaptable solutions. With our joint strengths and capabilities, the new Moai is uniquely positioned to provide small, mid-sized and Fortune 500 companies with a broadened and enhanced portfolio of e-sourcing solutions that have been unavailable to the marketplace from one supplier. We are approaching e-sourcing from the big picture' perspective, rather than addressing only pieces of it."
"Moai has been looking for a way to aggressively expand the breadth of our solutions", says Matt Miller, President and CEO of Moai Technologies. "When we saw the Medebiz capabilities for contract management and spend analysis, we knew we had a good fit. I look forward to working with Ramesh and his team to build the next generation of Moai solutions."
The merger is expected to close in the fourth quarter pending regulatory approval.
