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GE Completes Acquisition of Smallworldwide plc
General Electric Company (GE) announced that it has acquired approximately 98% of the outstanding ordinary shares and ADSs of Smallworldwide plc pursuant to a tender offer that expired on Monday. Holders of Smallworld ADSs and ordinary shares which remain outstanding may tender their shares during a subsequent offer period, which commences today and will expire at 9:30 a.m., New York City time and 2:30 p.m., London time, on Tuesday, October 31, 2000.
The acquisition of Smallworld increases GE's presence as a provider of high-tech software solutions in the utility and public systems industries, while establishing a strategic position in the growing communications industry. Smallworld will operate as GE Smallworld and be a part of the GE Energy management Services, a GE Power Systems business unit. GE Smallworld is recognized for its spatial data software and applications for asset, outage, and work management systems with over 750 utility customers around the world. In addition, GE Smallworld has proven the versatility and strength of its spatial technology and software through rapid product expansion and addition of 120 customers in the telecommunications, broadband and Internet industries.
Steve Bolze, President and General Manager of GE Energy Management Services, commented, ``GE Smallworld is a powerful company with a talented, enthusiastic team and solid, innovative technology that clearly delivers results for customers around the globe. The addition of GE Smallworld dramatically expands our portfolio of high-tech software, sensors, and systems to meet the demanding needs of the energy and communications marketplace. In addition to GE Smallworld's presence in the utility and public systems industries, we are equally excited about two notable achievements at GE Smallworld -- first, the acquisition of the Spatial Services division of Navigant Consulting and second, the strong revenue growth and customer position gained by Smallworld's Communications group.''
As a technology leader, GE Smallworld will continue to provide spatial technology and network software products to utility, public systems, and communications customers around the world. GE Smallworld products model real world assets and services, enabling companies to understand where their facilities and customers are located and how they are connected to the network, while seamlessly integrating this information across the enterprise. In addition to software products, GE Smallworld provides rapid implementation and integration of GE Smallworld unique object-oriented technology and vertical industry solutions, which can increase revenues, improve customer service, and increase asset utilization for their customers. GE Smallworld has more than 870 customers in 43 countries around the world.
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