CompuServe Messages

SUBJECT: MICROSOFT CORP. TO ACQUIRE SOFTIMAGE INC. SOURCE: Business Wire via First! by INDIVIDUAL, Inc. DATE: February 14, 1994 INDEX: [1] —————————————————————————- REDMOND, Wash.–(BUSINESS WIRE) via First! — Microsoft Corp. Monday announced that the company has signed a definitive agreement to acquire SOFTIMAGE Inc., a leading developer of high-performance 2-D and 3-D computer animation and visualization software. The stock transaction, which has an approximate value of U.S. $130 million, has been approved by the boards of directors of both Microsoft and SOFTIMAGE. "The market for digital media is growing rapidly and SOFTIMAGE is a technology leader in this area. We are committed to continuing this development of leading-edge professional authoring tools that will accelerate the creation of high-quality digital content," said Bill Gates, chairman and chief executive officer of Microsoft. "We are very excited at the prospect of combining their expertise with ours." "We share with Microsoft a common vision of the role that authoring tools will play as the digital media marketplace unfolds. Microsoft has a wealth of experience in supporting open operating systems and building great software tools, and we will provide specialized expertise and experience in professional- quality digital media tools. We believe that as part of Microsoft, we can more quickly realize our vision," said Daniel Langlois, chairman, chief executive officer and founder of SOFTIMAGE. Langlois will continue to head the development organization located in Montreal, Quebec, which will operate as part of the Advanced Technology division that directs Microsoft's long-term technology vision. Under the terms of the combination plan, each share of SOFTIMAGE stock will be exchangeable for 0.279 of a share of Microsoft stock, with an adjustment factor designed to provide not less than $21 and not more than $24 of value per SOFTIMAGE share. The agreement is subject to the approval of the shareholders of SOFTIMAGE. The directors and senior officers of SOFTIMAGE have unanimously committed to vote the shares they own, which represent approximately 30 percent of the outstanding shares, in favor of the transaction. In addition, the transaction is subject to approvals by certain regulatory bodies. SOFTIMAGE Inc. (NASDAQ/NMS:SFTIF), founded in 1986, is an innovative developer of high-performance 2-D and 3-D animation and simulation software. The company markets Creative Environment, its sophisticated flagship product for 3-D animation, and a complete line of high-end 2-D applications, including post-production editing and the integration of visual images, text, sound and special effects technology. SOFTIMAGE products are used by leading film studios, animation houses, broadcasters, graphic artists, product designers and engineers around the world. Founded in 1975, Microsoft (NASDAQ:MSFT) is the worldwide leader in software for personal computers. The company offers a wide range of products and services for business and personal use, each designed with the mission of making it easier and more enjoyable for people to take advantage of the full power of personal computing every day. Microsoft is a registered trademark of Microsoft Corp. Creative Environment is a trademark of SOFTIMAGE Inc.