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SWT to merge with Captiva Software


PARIS, FRANCE, MAY 10, 2005 – SWT, a leading European provider of automatic data extraction and intelligent document capture solutions and technology, today announced signing a definitive agreement to merge with and into Captiva Software Corporation (NASDAQ: CPTV), a leading provider of input management solutions. The transaction, subject to customary closing conditions, is expected to be completed during the week of May 23, 2005.

SWT has been a technology partner of Captiva’s since 2002, supplying its Dispatcher™ product as an optional addition to Captiva’s InputAccel® and, through a 2004 OEM agreement, classification and data extraction capabilities for Captiva’s Digital Mailroom™. Both companies’ products will continue to be marketed and supported, and SWT’s management will remain intact and continue running SWT’s operations in France from its Paris headquarters. The merger will add approximately 80 SWT employees to Captiva’s 320, resulting in a total of over 400 employees on a worldwide basis. The combined company is expected to have over €67.0 million of revenues on an annual basis, be solidly profitable with positive cash flow and enjoy the benefits of being a publicly held, NASDAQ-listed company.

“Since founding SWT in 1988, we’ve been successful in growing our business through introducing innovative, proven solutions such as our b-Wize™ and Dispatcher products, obtaining a blue chip customer base, raising venture capital financing, garnering numerous industry awards, such as being part of Deloitte & Touche’s 2004 EMEA Technology Fast 500, and expanding our market reach beyond France,” said Hervé Debbah, SWT’s President, CEO and Founder. “We’ve had a very clear vision for continuing our growth as an independent entity. However, we recognized that merging with Captiva offers significant synergies and the opportunity to establish a truly dominant leader in the input management market. We look forward to joining Captiva and working with its management team and staff on this endeavor.”

“This transaction is the culmination of the long-term, mutually beneficial relationship we’ve shared with SWT. As one of our key technology partners, we worked closely with SWT on some significant Digital Mailroom wins last year and have always been impressed with the company’s products and staff,” said Reynolds C. Bish, Captiva’s President and CEO. “SWT is a rapidly growing company with a substantial revenue stream, outstanding products, talented employees and a strong customer base numbering over 400 on a worldwide basis. We’re excited about this transaction and look forward to welcoming SWT’s employees, customers and partners to Captiva and jointly building an even more successful combined company.”


About Captiva Software Corporation
Captiva Software Corporation (NASDAQ: CPTV) is a leading provider of input management software solutions. Since 1989, the company's award-winning products have been used to manage business critical information from paper, faxed and scanned forms and documents, Internet forms and XML data streams into the enterprise in a more accurate, timely and cost-effective manner. These products automate the processing of billions of forms and documents annually, converting their contents into information that is usable in database, document, content and other information management systems. Captiva's technology serves thousands of users in insurance, financial services, government, business process outsourcing, manufacturing and other markets. For more information, visit www.captivasoftware.com.


About SWT SA
SWT SA is a European specialist in automatic data extraction and electronic document management solutions, and provides an exclusive set of technologies to enable companies to eliminate the manual processing of paper documents. The b-Wize software suite can automatically scan, index and extract relevant data and content from companies’ documents and forms. Thanks to the competitiveness of its pro


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SWT (Merged with Captiva Software Corp.)
+33 (0) 820 200 209
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