For Immediate Release:
WARP Technology Holdings Completes Acquisition of SpiderSoftware
Expands Position as Market Leader for Application Acceleration Worldwide
NEW YORK (January 13, 2003) – WARP Technology Holdings, Inc. (OTC BB: WRPT), a leading provider of Internet application acceleration appliances through its subsidiary, WARP Solutions, Inc., today announced that it has completed the acquisition of privately held SpiderSoftware Inc., a leader in dynamic content acceleration software. The acquisition is intended to enhance WARP’s leadership position in the growing market niche for application acceleration solutions, extend the company’s reach into the small- and medium-size business market, provide needed engineering, sales and customer support resources, and establish a North American West Coast presence. The acquisition also fills two executive positions at WARP that were slated to be filled.
The acquisition of SpiderSoftware is being paid for by the issuance of 1.5 million shares of the common stock of WARP and the assumption by WARP of $100,000 in SpiderSoftware debt in exchange for 100 percent of SpiderSoftware’s outstanding common stock.
Growth Strategy
“With the acquisition of SpiderSoftware, we have gained a highly talented and experienced technical team, including Greg Parker who is now our Chief Technology Officer. Moreover, we have gained a software solution for application acceleration that allows us to reach the small- and medium-sized business market,” said Karl Douglas, President and CEO of WARP. “We believe our technology can help companies achieve tremendous cost savings and dramatically improve Internet and intranet performance for their customers and their staff.”
The company reported that it does not anticipate that its operating expenses will increase significantly over previous projections as a result of the acquisition because the company had planned to hire additional staff and SpiderSoftware has low operating expenses.
WARP’s Global Transaction Enabled Network (GTEN) architecture is designed to improve network and server performance significantly, and enable accelerated delivery of critical business applications and content across IP-based networks. The company’s customers are adopting WARP’s technology as a crucial and cost-effective component to managing network infrastructure. Customers include EDGAR Online, Forbes.com and Fortune 500 companies handling high-volume dynamic content and transaction processing.
SpiderSoftware’s award-winning SpiderCache products are designed to extend web server performance via proprietary dynamic and static content caching technology and addresses the needs of small- and medium-size businesses for a cost-effective means of improving the delivery of applications across IP-based networks.
SpiderSoftware CEO Joins as CTO
Greg Parker, President and CEO of SpiderSoftware, has joined WARP Technology Holdings as Chief Technical Officer, and has been elected as a member of
WARP Technology Holdings’ Board of Directors. SpiderSoftware co-founder Michael Corcoran has been appointed Chief Engineer for WARP.
SpiderSoftware will be operated as a wholly owned subsidiary of WARP Technology Holdings and will maintain its current business operations in Vancouver, Canada. It will continue to support existing customers and develop and market its SpiderCache products.
About SpiderSoftware, Inc.
SpiderSoftware, Inc. provides dynamic content acceleration solutions that reduce infrastructure costs and increase scalability for network infrastructure. SpiderSoftware products enable organizations to deliver more content to more users faster, providing measurable performance improvements and ROI upon installation and configuration. For information, visit http://www.spidersoftware.com.
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