REDMOND, Wash., Dec. 12, 2002 — Microsoft Corp. today announced it has completed the acquisition of Vicinity Corp., a leading provider of location-based technology and solutions, in a cash merger valued at approximately $96 million.
Vicinity shareholders voted to approve the transaction on Dec. 10, clearing the way for the change of ownership. The shareholder vote followed a favorable regulatory review.
Under the terms of the acquisition, originally announced on Oct. 22, Vicinity’s business will be merged with the Microsoft® MapPoint®
Business Unit. The resulting team will focus on delivering the benefits of
“location intelligence”
in a wide range of enterprise and consumer applications and services.
The merger blends Vicinity’s strengths in developing and implementing location-based services technology with Microsoft’s focus on extending the Microsoft .NET Platform and location-based services.
“We are thrilled to have Vicinity’s talented team on board to help accelerate the development of location-based services,”
said Michael Graff, general manager of the MapPoint Business Unit at Microsoft.
“Our first priority will be talking to customers and partners over the next few months to make sure we uphold our commitment to serve their needs throughout this transition and in the future, and to help ensure that they experience no interruption in service as we work on combining our platforms and applications.”
Graff noted that employees from both companies are eager to form a strong team and meet customer demand for enhanced location-based applications and services.
“Location intelligence is a valuable asset, and we envision a host of ways in which location can make products and services more relevant and meaningful to end users,”
Graff said.
Established in 1995 and headquartered in Sunnyvale, Calif., Vicinity has specialized in providing technology-based solutions that enable businesses and governments to market the local availability of their products and services. Using Web, wireless and speech platforms, Vicinity has offered a comprehensive portfolio of application services and application programming interfaces that allow enterprises to analyze requests and direct their customers to a brick-and-mortar store, branch or outlet near them that offers the specific product or service they seek.
As a result of the merger, Vicinity shareholders of record on Dec. 11, 2002, will receive $3.33 in cash in exchange for each share of Vicinity common stock they hold.
About Microsoft
Founded in 1975, Microsoft (Nasdaq
“MSFT”
) is the worldwide leader in software, services and Internet technologies for personal and business computing. The company offers a wide range of products and services designed to empower people through great software –any time, any place and on any device.
Microsoft and MapPoint are either registered trademarks or trademarks of Microsoft Corp. in the United States and/or other countries.
The names of actual products and services mentioned herein may be the trademarks of their respective owners.
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