MOUNTAIN VIEW, Calif., April 30 /PRNewswire/ -- Netscape Communications Corporation (Nasdaq: NSCP) today announced the signing of definitive agreements to acquire two companies, DigitalStyle Corporation and Portola Communications, Inc. Both the unique industry expertise and strong technology of these companies will assist Netscape's drive towards its goal of being the primary supplier of software to the Networked Enterprise. DigitalStyle is a leading Web graphics tools vendor, whose award-winning engineering team has a solid reputation in the development of Web graphics tools and Java-based animations. Portola Communications is known for its expertise in high-performance messaging systems. In connection with the acquisition, John Myers, a pioneer of the IMAP4 e-mail protocol and a key contributor to other Internet standards, and members of the Portola development team will be joining Netscape. Both companies have built expertise in open standards and Internet technologies that blend well with Netscape's client and server products. "With these acquisitions we will bring great new talent on board at Netscape and help accelerate our efforts to meet the needs of corporate customers," said Mike Homer, senior vice president of marketing at Netscape. "In '97 the focus at Netscape is on the messaging and groupware markets and there is remarkable synergy between the work of these companies and our goals." Under the terms of the agreements, Netscape will purchase 100 percent of the outstanding capital stock of both companies, both of which are privately held. Both acquisitions will be accounted for as purchase transactions. Netscape will issue approximately 2.08 million shares, subject to adjustment. In addition, Netscape anticipates that a substantial portion of the purchase prices will be written off as in-process research and development, in the quarter in which the transactions close. The transactions are currently anticipated to close in the second or third quarter of this year and are subject to customary conditions to closing, including regulatory and other approvals. Netscape Communications Corporation is a leading provider of open software for linking people and information over enterprise networks and the Internet. The company offers a full line of clients, servers, development tools and commercial applications to create a complete platform for next-generation, live on-line applications. Traded on Nasdaq under the symbol "NSCP", Netscape Communications Corporation in based in Mountain View, California. Additional information on Netscape Communications Corporation is available on the Internet at http://home.netscape.com, by sending email to email@example.com or by calling 415-937-2555 (corporations) or 415-937-3777 (individuals). NOTE: Netscape is a trademark of Netscape Communications Corporation, which is registered in the United States and other jurisdictions. Netscape Communications and the Netscape Communications logo are trademarks of Netscape Communications Corporation.
SOURCE Netscape Communications Corp.