Boston and Burlington, MA. May 23, 2001 eXcelon Corp., a provider of a XML-based platform for self-service and collaborative applications; and C-bridge, a provider of consulting and services, today announced that they have signed a definitive agreement to merge the two companies.
Upon the completion of the merger, the new company will conduct business as eXcelon Corp. The merger will create a new company with 2001 projected revenues in excess of $100 million and cash reserves of over $50 million that will focus on industry-specific Enterprise Commerce Management (ECM) solutions, which are models for corporations seeking to build their next generation business systems.
The new eXcelon will provide early-mover advantage in the ECM market through such things as a XML platform and a solution methodology.
The combination of C-bridge's expertise in winning large contracts with Global 2000 organizations, along with eXcelon's technology, will position the combined company to be a leader in the Enterprise Commerce Management market, said Bob Goldman, who is the chairman and CEO of eXcelon Corp. We are extremely excited to join forces with C-bridge as it brings to us a successful track record of selling solutions, established positions in key vertical markets and a very strong sales channel to deploy high rate-of-return collaborative applications.
Goldman will serve as chairman of the board, and Lacey Brandt, eXcelon's chief financial officer will serve as CFO for the new company. Additionally, Joe Bellini, C-bridge's chairman and CEO, will assume the role of CEO of the new company.
Under the terms of the agreement, each outstanding share of C-bridge common stock will be converted into the right to receive 1.2517 shares of eXcelon common stock. The eXcelon/C-bridge shareholders will each own 50 percent of the combined company on a fully diluted basis.
The new company will have over 1,500 customers and a global presence with locations in the United States, United Kingdom, Germany, Netherlands, Scandinavia, Japan, Australia, Hong Kong, and Singapore. Object Design, a division of eXcelon Corp. that deals in the object data management market, will continue to be managed as a separate division of the combined company.