Summary

Other Scenarios:

Buyer: Oracle Corporation (ORCL) Last Price: 17.90 Market Cap.: 93.00B
Target: webMethods, Inc. (WEBM) Last Price: 7.74 Market Cap.: 429.41M

Lines of Business Summary:

Product Summary:

Overlap & Complementary Sectors

Sector Buyer Target # of Focused Companies
*Technology 1,262
Software 326
Design/Engineering 40
Enterprise Management 86
Home/Office   39
IT Infrastructure 57
Industry-Specific   102

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Sample Products in Similar Lines of Business

Sample Products in Complementary Lines of Business

Buyer (Total: 75)
  • Oracle Collaboration Suite
  • Oracle Database
  • Oracle TimesTen/DataServer
  • Oracle Enterprise Manager
Target (Total: 11)
  • webMethods Mainframe
  • webMethods Broker
  • webMethods Integration Platform
  • webMethods Manager
Buyer
  • Oracle Developer Suite
  • E-Business Suite Sales
  • E-Business Suite Maintenance Management
  • JD Edwards EnterpriseOne - Asset Lifecycle Management
Target
  • webMethods Glue
  • webMethods Workflow
  • webMethods Integration Platform
  • webMethods Optimize

Business Relationship Summary:

Top Key Suppliers

Top Key Customers

Buyer (Total: 29)
  • Cisco Systems, Inc. (CSCO)
  • EMC Corporation (EMC)
  • Citrix Systems, Inc. (CTXS)
  • Level 3 Communications, Inc. (LVLT)
Target (Total: 1)
  • ePlus Inc. (PLUS)
Buyer (Total: 90)
  • ExxonMobil Corporation (XOM)
  • Pfizer Inc. (PFE)
  • Toyota Motor Corporation (ADR) (TM)
  • International Business Machines Corp. (IBM)
Target (Total: 37)
  • Wells Fargo & Company (WFC)
  • Vodafone Group Plc (ADR) (VOD)
  • Verizon Communications (VZ)
  • Wachovia Corporation (WB)

Key Financial Summary:

Key Metrics

  Buyer Target
Number of Employees 65,126 826
Revenue Per Employee 256,609.0 222,324.8
Total Revenue 3,591.0 46.0
Total Expenses 2,648.0 53.9
Other Revenue 0.0 0.0
Cost of Revenue 980.0 16.3
SG&A Expense 907.0 26.6
Research & Development 506.0 11.0
Other Operating Expense 0.0 0.0
Operating Income 943.0 -7.9
Unusual Income 57.0 0.0
LT Debt to Capital 27.8 0
Fwd P/E 18.99 70.00
Fwd P/Rev 5.35 1.94
Book Value 14,899.0 209.8
Curr Portion of LTD/Cap Lease 166.0 0.2

Individual Company Summary

Focused

Buyer

Focused (): *Technology > Software > IT Infrastructure > Data Storage > Database > Database Management Systems (DBMS) > Relational

Target

Focused (): *Technology > Software > IT Infrastructure > Enterprise Application Integration (EAI)/Middleware

Business Description

Buyer

Oracle Corporation (Oracle) is an enterprise software company. The Company develops, manufactures, markets, distributes and services database and middleware software, as well as applications software that help organizations to manage their businesses. Oracle is organized into two businesses: software and services. These businesses are further divided into five operating segments. Its software business consists of two operating segments, new software licenses, and software license updates and product support. Its services business consists of three operating segments, consulting, On Demand (formerly known as advanced product services) and education. The Company's software business represented 80% of its total revenues and its services business represented 20% of total revenues during the fiscal year ended May 31, 2006. On January 31, 2006, the Company acquired Siebel Systems, Inc., a provider of customer relationship management software. In June 2006, Oracle acquired Telephony@Work.

Target

webMethods, Inc. is a provider of business integration and optimization software. The Company markets and sells its products and solutions primarily to the 2,000 corporations worldwide (the Global 2000) and government agencies. It licenses software and sells its services primarily through its direct sales organization augmented by other sales channels, including the Company's software vendor partners, systems integrators with whom the Company has alliances, other partners and distributors, and to a lesser extent, resellers. As of March 31, 2006, it had approximately 1,400 customers worldwide, distributed across its target markets in manufacturing, process industries, consumer goods manufacturing and retail, government and telecommunications. In August 2005, it announced a partnership and reseller agreement with NEON Systems, Inc. In September 2006, the Company completed the acquisition of Infravio, Inc., a provider of service-oriented architecture registry and governance solutions.

Deal Summary

Scenario 1:
Buyer's Share Price: 17.90; Target's Share Price: 7.74; Deal: 60.00%/40.00%/0.00%; Cost of Cash/Debt: 5.00%/6.00%; Years to Amortize Acquired Intangibles: 7;

Deal Scenarios Analytics

  Scenario 1
Financial Analysis
Financing Value 425.60M
Required for deal
Stock 255.36M
Cash 170.24M
Debt 0
Shares
New Shares to be Issued 14.27M
New Shares Outstanding F.D 5.32B
Taxes
New Tax Rate 0.30
EPS
Old FD EPS 0.67
New FD EPS 0.66
Goodwill and Synergy
Goodwill/Intangibles 215.83M
Total Synergy Required for Accretion 10.31M
Pro Forma % Ownership
Buyer's 99.73%
Seller's 0.27%
Accretion/Dilution
Per Share -0.00
% Change -0.20%
Total Consideration
Cash as % of Total Consideration to increase $0.01 EPS  
Synergy to increase $0.01 EPS 75.92M

Key Ratios

  Buyer Target Combined Entity
Gross Margin % 77.03 70.66 76.95
Operating Margin % 32.67 2.47 32.21
Quick Ratio 1.59 2.69 1.58
Current Ratio 1.75 2.79 1.73
Coverage Ratio 0.03 1.03 -0.03
Total Assets 28,848.0 297.7 28,975.5
Return on Equity % 23.71 6.07 23.66
Return on Assets % 12.24 4.28 12.2
Cash+ ST Inv. Per Share 1.56 3.18 1.56
Total Debt 5,903.0 0.2 5,737.0
Total Debt to Equity % 39.62 0.09 38.4
Total Debt to Tangible Equity % -2,186.3 0.12 -1,151.1
Debt to Asset % 20.46 0.06 19.80

Product Summary

Sector Buyer Target
*Technology
Software
Design/Engineering
Software used in professional design and development applications, including the design of integrated circuits, creating/editing multimedia productions, and creating web-based or stand-alone software applications.
Enterprise Management
Software designed to maximize the efficiency and productivity with which the enterprise is run. Includes Customer Relationship Management (CRM) and Enterprise Resource Planning (ERP) software.
Home/Office
Personal productivity and entertainment software targeted toward consumer and business users.
 
IT Infrastructure
Software, employed typically by the IT department of an enterprise, which ensures that computer based systems perform efficiently and securely.
Industry-Specific
Software that has functionality specific to a vertical industry.
 

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Product Details

Sector Buyer Target
*Technology
Software
Design/Engineering
Software Development  
Development Environments  
General  
Standard Programming Languages
Software development environments that permit programming using any number of widely-used standard programming languages such as Basic, C, C++, Java, COBOL, and Fortran.

Buyer Products:

  • Oracle Developer Suite
 
Website Development
E-Commerce  
Marketplace
Site development software that focuses on sites that perform one-to-one or one-to-many transactions.

Buyer Products:

  • E-Business Suite Sales
 
Website Authoring/Publishing
Software used to create non-transactive Websites.

Target Products:

  • webMethods Glue
 
Enterprise Management
Asset Management  
Capital/Fixed
Software that inventories, tracks, and helps manage the use of capital assets.

Buyer Products:

  • E-Business Suite Maintenance Management
  • JD Edwards EnterpriseOne - Asset Lifecycle Management
 
Information Technology
Software that inventories, tracks, and monitors the use of IT assets, such as software applications and hardware.

Buyer Products:

  • Oracle Assets
 
Business Intelligence  
Executive Information Systems
Software that provides summarized business information to improve executive decisions through data modeling forecasting, and simulation. Includes features such as balanced scorecards and "what if" analysis for profitability and performance.

Buyer Products:

  • E-Business Suite
  • Business Intelligence Solution
  • Siebel Business Analytics Applications
 
Content Management  
Enterprise Search
Software which allows enterprises to gather and organize specific information located within their systems electronically.

Buyer Products:

  • Oracle Collaboration Suite Search
 
Information Portals
Enterprise Content Management software, designed to enable sharing of and access to, corporate information across the enterprise.

Buyer Products:

  • Enterprise Portals
  • Portal Integration and Collaboration
 
Customer Relationship Management (CRM)  
Marketing  
Analytics
Tools used for analyzing market trends, customer behavior, profitability, and overall marketing effectiveness.

Buyer Products:

  • Siebel Marketing
  • E-Business Suite
  • Siebel Marketing Analytics
  • PeopleSoft Enterprise Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • JD Edwards EnterpriseOne - Customer Relationship Management
 
Automation/Management
Enterprise applications that perform the core services associated with marketing, including market segmentation and list management capabilities.

Buyer Products:

  • Siebel Marketing
  • E-Business Suite Marketing
  • JD Edwards EnterpriseOne - Customer Relationship Management
  • PeopleSoft Enterprise Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • Siebel CRM Professional Edition
  • Siebel Customer Order Management
 
Online Marketing
Solutions designed to leverage the Internet as a targeted marketing tool.

Buyer Products:

  • Siebel Email Marketing
  • Siebel eMarketing
  • JD Edwards EnterpriseOne - Customer Relationship Management
  • Siebel Marketing
  • PeopleSoft Enterprise - Customer Relationship Management
  • PeopleSoft Enterprise Customer Relationship Management
 
Telemarketing
Software primarily used in contact centers for improving the effectiveness of telemarketing campaigns.

Buyer Products:

  • PeopleSoft Enterprise Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • E-Business Suite Marketing
  • JD Edwards EnterpriseOne - Customer Relationship Management
 
Sales Force Automation (SFA)  
Analytics
Tools used for analyzing customer sales data, measuring sales effectiveness, and managing sales related financials.

Buyer Products:

  • PeopleSoft Enterprise - Customer Relationship Management
  • PeopleSoft Enterprise Customer Relationship Management
  • JD Edwards EnterpriseOne - Customer Relationship Management
  • Siebel Enterprise Sales Analytics
  • Siebel Sales
 
Automation/Management
Enterprise applications that perform the core services associated with sales force automation, including contact management, marketing encyclopedia, sales analysis, customer tracking, and territory management.

Buyer Products:

  • JD Edwards EnterpriseOne - Customer Relationship Management
  • E-Business Suite Sales
  • Siebel Sales
  • PeopleSoft Enterprise - Customer Relationship Management
  • PeopleSoft Enterprise Customer Relationship Management
  • Siebel CRM Professional Edition
 
Mobile/Field Sales
Software which enables mobile sales force personnel to access sales data.

Buyer Products:

  • JD Edwards EnterpriseOne - Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • E-Business Suite Sales
  • Siebel Mobile Sales
  • PeopleSoft Enterprise Customer Relationship Management
 
Service  
Analytics
Tools used for measuring service effectiveness and to ensure efficient use of a service organization's resources.

Buyer Products:

  • PeopleSoft Enterprise Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • Siebel Business Analytics Applications
  • JD Edwards EnterpriseOne - Customer Relationship Management
 
Automation/Management
Enterprise applications that perform the core functions associated with customer service, including service level compliance and complaint management.

Buyer Products:

  • Siebel CRM Professional Edition
  • Siebel Call Center and Service
  • PeopleSoft Enterprise Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • PeopleSoft Enterprise Service Automation
  • E-Business Suite Order Management
  • E-Business Suite Service
  • JD Edwards EnterpriseOne - Customer Relationship Management
 
Contact Center
Software designed to enhance service capabilities by managing, synchronizing, and coordinating customer service interactions across all channels (physical mail, phone, Internet).

Buyer Products:

  • PeopleSoft Enterprise Customer Relationship Management
  • PeopleSoft Enterprise - Customer Relationship Management
  • E-Business Suite Sales
  • JD Edwards EnterpriseOne - Customer Relationship Management
  • E-Business Suite Service
  • Siebel Call Center and Service
 
Mobile/Field Service
Software which enables mobile service personnel to access service data.

Buyer Products:

  • PeopleSoft Enterprise - Customer Relationship Management
  • JD Edwards EnterpriseOne - Customer Relationship Management
  • E-Business Suite Service
  • PeopleSoft Enterprise Customer Relationship Management
 
Enterprise Resource Planning (ERP)
Business Planning/Control
Business Process Automation/Monitoring
Software used to identify bottlenecks and to streamline business processes.

Buyer Products:

  • Business Process Management

Target Products:

  • webMethods Workflow
  • webMethods Integration Platform
  • webMethods Optimize
Project Management
Software that is designed specifically to manage project workflow and organization. Includes functions such as task assignment, progress reporting, information dissemination, and project costing.

Buyer Products:

  • PeopleSoft Enterprise Performance Management
  • PeopleSoft World
  • JD Edwards EnterpriseOne - Project Management
  • E-Business Suite Projects
 
Financial/Compliance  
Compliance
Software which assists companies in complying with various compliance requirements, including, local, national, international, sector specific, and internal. Examples Include Sarbanes Oxley financial reporting compliance, and ISO quality standards.

Buyer Products:

  • JD Edwards EnterpriseOne - Financial Management
  • E-Business Suite Financials
 
Corporate Services
ERP software designed for automation of finance related corporate services, including: travel and expense management; corporate real estate portfolio management; and incentive and commission management.

Buyer Products:

  • PeopleSoft Enterprise Financial Management Solution
  • JD Edwards EnterpriseOne - Financial Management
  • E-Business Suite Financials
 
Financial Management/Automation
ERP Software used for financial management tasks such as budgeting, strategic planning, and reporting. Includes enterprise procurement software.

Buyer Products:

  • JD Edwards EnterpriseOne - Financial Management
  • PeopleSoft Enterprise Financial Management Solution
  • PeopleSoft World
  • E-Business Suite Contracts
 
General Ledger/Accounting
Software that performs general accounting functions, such as balance sheet, income, and cash flow calculations.

Buyer Products:

  • JD Edwards EnterpriseOne - Financial Management
  • E-Business Suite Financials
  • PeopleSoft Enterprise Financial Management Solution
 
Payment Processing
Software that manages payment processing functionality.

Buyer Products:

  • PeopleSoft Enterprise Financial Management Solution
  • JD Edwards EnterpriseOne - Financial Management
  • E-Business Suite Financials
 
Human Resources  
Benefit/Payroll Management
Software that aids in the management of the workforce, performing functions such as benefit and payroll management.

Buyer Products:

  • JD Edwards EnterpriseOne - Human Capital Management
  • PeopleSoft Enterprise Human Capital Management
  • E-Business Suite Human Resources
  • PeopleSoft World
  • Siebel Employee Relationship Management (ERM)
  • PeopleSoft Human Resources Management
 
Employee Directory
Software used to manage an organization's list of employees or members.

Buyer Products:

  • PeopleSoft Enterprise Human Capital Management
  • PeopleSoft Human Resources Management
  • JD Edwards EnterpriseOne - Human Capital Management
  • E-Business Suite Human Resources
 
Employee Training
Software designed to enable enterprise training and continuing education programs.

Buyer Products:

  • E-Business Suite Learning Management
  • JD Edwards EnterpriseOne - Human Capital Management
  • E-Business Suite Human Resources
 
Performance Management
Software which enables organizations to track and enhance the performance of its employees.

Buyer Products:

  • JD Edwards EnterpriseOne - Human Capital Management
 
Recruitment
Software applications that track and manage contacts for employee recruitment.

Buyer Products:

  • E-Business Suite Human Resources
  • JD Edwards EnterpriseOne - Human Capital Management
  • PeopleSoft Human Resources Management
  • PeopleSoft Enterprise Human Capital Management
 
Time Tracking/Scheduling
Software used to schedule, record, and report on employee work times and activities.

Buyer Products:

  • JD Edwards EnterpriseOne - Human Capital Management
  • PeopleSoft Enterprise Human Capital Management
  • E-Business Suite Human Resources
  • PeopleSoft Human Resources Management
 
Supply Chain
Channel Partner Management
Software, including sourcing and catalog management, which helps improve supply chain efficiency through improved partner communication and control.

Buyer Products:

  • JD Edwards EnterpriseOne - Manufacturing and Supply Chain Management
  • E-Business Suite Supply Chain
  • Siebel Partner Relationship Management (PRM)

Target Products:

  • webMethods Trading Networks
Content Management
Software which organizations use to ensure that part and material files, product catalog files, and item information are current, accurate and complete. This improves the visibility of parts and available suppliers across multiple sites, and optimizes purchasing, part counts, and supplier relationships.

Buyer Products:

  • JD Edwards EnterpriseOne - Manufacturing and Supply Chain Management
 
Import/Export
Software which assists in streamlining the import/export process, including customs compliance, and electronic shipping document transfer.

Buyer Products:

  • JD Edwards EnterpriseOne - Manufacturing and Supply Chain Management
 
Inventory/Transportation/Order Management
Software used to manage sales orders, transportation, inventory, and warehousing.

Buyer Products:

  • JD Edwards EnterpriseOne - Supply Management
  • JD Edwards EnterpriseOne - Manufacturing and Supply Chain Management
 
Management
Supply chain management software, covering critical supply chain components, such as transportation/warehousing, demand management, procurement, MRO (Maintenence, Repair, and Operating equipment) and channel partner management.

Buyer Products:

  • PeopleSoft Enterprise Supply Chain Management
  • JD Edwards EnterpriseOne - Manufacturing and Supply Chain Management
  • E-Business Suite Supply Chain
  • PeopleSoft EnterpriseOne - Supply Chain Management
  • JD Edwards EnterpriseOne - Supply Management
  • E-Business Suite Procurement
  • PeopleSoft EnterpriseOne - Supplier Relationship Management
  • G-Log
 
Home/Office  
Productivity  
Communications  
Conferencing/Collaboration Tools  
Online Conference/Meeting
Software which allows enables remote meetings or conferences. The software allows the application to be marked up at any of the remote locations enabling all users see the same screen effects. Functionalities include electronic whiteboard, messaging, bulletin boards, and group scheduling.

Buyer Products:

  • Oracle Collaboration Suite
 
IT Infrastructure
Communications
Data
Messaging Servers/Systems
Server software stores, manages, and accesses text-based messages such as e-mail and fax.

Buyer Products:

  • Oracle Collaboration Suite

Target Products:

  • webMethods Mainframe
  • webMethods Broker
Data Storage  
Database  
Database Management Systems (DBMS)  
Relational
System software that stores data in a relational table. Includes Client/Server, Embedded, and Mainframe systems.

Buyer Products:

  • Oracle Database
  • Oracle TimesTen/DataServer
 
Storage Administration  
Data Availability
Software designed to ensure availability of information stored on either a single system or a storage network. Includes protection, replication, mirroring, backup, restoration and clustering software.

Buyer Products:

  • Oracle Enterprise Manager
 
Enterprise Application Integration (EAI)/Middleware
Adaptors/Integration Brokers
Software that allows disparate applications to exchange data through adaptors and industry standard interfaces such as object request brokers (ORB). Does not include application-specific APIs.

Buyer Products:

  • PeopleSoft Process Integration Packs
  • PeopleSoft Enterprise Integration Solutions - Integration Broker
  • PeopleSoft Web Services
  • PeopleSoft Enterprise Warehouse
  • PeopleSoft EnterpriseOne Integration Solutions - eXtended Process Integration
  • PeopleSoft EnterpriseOne Integration Solutions - eXtended Business Processes

Target Products:

  • webMethods Integration Platform
  • webMethods Manager
  • webMethods Monitor
  • webMethods Adapters
Application Servers
Server software that comprises the middle tier of a three-tier architecture. Application servers execute all application logic and then output the information to thin clients.

Buyer Products:

  • Oracle9i Application Server

Target Products:

  • webMethods Servicenet
  • webMethods Integration Platform
Database Access/Connectivity
Database connectivity software designed to allow enterprise applications access to information stored in databases. Access technologies include: distributed relational database architecture (DRDA), Java databse conectivity (JDBC), and open database connectivity (ODBC).

Target Products:

  • webMethods Integration Platform
  • webMethods Monitor
 
Network  
Support Utilities  
File/Print
Software that can perform the file and print needs of a networked environment. Print services include job spooling, printer management, and job cancellation. File services include file search, access, and security.

Buyer Products:

  • Oracle Collaboration Suite
 
Industry-Specific  
Healthcare/Pharma  
Drug Development  
Clinical Trials Management
Software designed to manage the information and processes relating to clinical trials.

Buyer Products:

  • SiteWorks TrialMinder
  • SiteWorks SiteMinder
 
Manufacturing  
Manufacturing Management  
Manufacturing Execution Systems (MES)
Software used to design and control the production and operational processes of manufacturers.

Buyer Products:

  • E-Business Suite Manufacturing
 
Planning/Scheduling/Analysis  
Supply Chain Execution
Software that assists manufacturers in optimising their manufacturing supply chain. Include capacity planning and scheduling operations.

Buyer Products:

  • E-Business Suite Product Lifecycle Management
 
Retail  
Marketing/Sales
Software that helps retail businesses plan and execute sales and marketing programs. Includes product marketing software; decision support software used for retail store planning; and analysis operations such as estimating purchasing patterns, sales/profitability analysis, and space management.

Buyer Products:

  • Retek Merchandise Optimization and Planning
 
Operations Management
Software that manages operations information specific to the retail industry. Functions managed include supply chain management and accounting.

Buyer Products:

  • ProfitLogic
  • Retek Enterprise Infrastructure
  • Retek Merchandise Operations Management
  • Retek Integrated Store Operations
  • Retek Inventory Optimization and Planning
  • Retek Supply Chain Management
 
Telecommunications  
Operations Support  
Customer Relationship Management  
Billing and Customer Retention
Software involved in the management of customer care and billing data. Includes software which streamlines customer acquisition, rentention, and billing functions.

Buyer Products:

  • Portal Software Portal 7
 

- Focused. Denotes that the company is considered focused in this area. In general, Focused Companies draw the majority of their earnings in the sector/product area specified.

- Sector Pure-Plays. Denotes that the company is focused in the selected sector and generates nearly all earnings in the sector/product area specified.

- Sector Participation. Denotes that the company develops products in this line of business.

Relationship Details

Key Competitors

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Microsoft Corporation n/a 272,878.682 21.66 19.00 6.16 5.44 7.64
International Business Machines Corp. n/a 124,258.157 14.74 13.99 1.40 1.39 5.76
SAP AG (ADR) n/a 60,792.594 28.85 27.44 5.29 5.12 12.06
BEA Systems, Inc. n/a 5,899.633 40.95 38.21 4.55 4.18 5.76
Tibco Software Inc. n/a 1,774.423 25.17 31.43 3.73 3.68 3.04
Pegasystems Inc. n/a 307.049 91.08 n/a 2.77 2.62 1.93
Descartes Systems Group (USA) n/a 170.307 45.24 n/a 3.69 n/a 3.69
Formula Systems (1985) Ltd. (ADR) n/a 124.080 41.36 n/a 0.24 n/a 0.73
Vitria Technology, Inc. n/a 90.938 n/a n/a 1.95 n/a 2.31
DataMirror Corporation (USA) n/a 74.563 18.57 n/a 1.64 n/a 19.90
Magic Software Enterprise n/a 51.034 n/a n/a 0.85 0.67 2.97
Buyer
  Microsoft Corporation n/a 272,878.682 21.66 19.00 6.16 5.44 7.64
International Business Machines Corp. n/a 124,258.157 14.74 13.99 1.40 1.39 5.76
Target
  Microsoft Corporation n/a 272,878.682 21.66 19.00 6.16 5.44 7.64
International Business Machines Corp. n/a 124,258.157 14.74 13.99 1.40 1.39 5.76
Oracle Corporation n/a 92,998.984 26.33 18.99 6.12 5.35 -344.44
SAP AG (ADR) n/a 60,792.594 28.85 27.44 5.29 5.12 12.06
BEA Systems, Inc. n/a 5,899.633 40.95 38.21 4.55 4.18 5.76
Tibco Software Inc. n/a 1,774.423 25.17 31.43 3.73 3.68 3.04
Pegasystems Inc. n/a 307.049 91.08 n/a 2.77 2.62 1.93
Descartes Systems Group (USA) n/a 170.307 45.24 n/a 3.69 n/a 3.69
Formula Systems (1985) Ltd. (ADR) n/a 124.080 41.36 n/a 0.24 n/a 0.73
Vitria Technology, Inc. n/a 90.938 n/a n/a 1.95 n/a 2.31
DataMirror Corporation (USA) n/a 74.563 18.57 n/a 1.64 n/a 19.90
Magic Software Enterprise n/a 51.034 n/a n/a 0.85 0.67 2.97

- Defined by the Company - Defined by Others

Dependent Suppliers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Buyer
  Cisco Systems, Inc. n/a 142,489.944 25.54 19.64 5.00 4.20 11.38
EMC Corporation n/a 27,329.024 24.37 23.25 2.68 2.52 3.96
Citrix Systems, Inc. n/a 6,201.638 32.47 29.91 6.01 5.72 7.83
Level 3 Communications, Inc. n/a 5,864.430 n/a -7.60 1.29 1.35 -7.71
VeriSign, Inc. n/a 4,869.946 7.10 25.17 3.18 3.16 7.17
Mercury Interactive Corp. n/a 4,596.323 67.49 33.89 5.92 5.01 17.00
Avnet, Inc. n/a 2,877.503 14.07 8.88 0.20 0.19 1.88
Patni Computer Systems Limited (ADR) n/a 1,296.381 30.73 19.99 2.52 2.26 n/a
Cogent, Inc. n/a 1,254.772 24.56 37.89 10.40 11.42 2.66
Centennial Communications Corp. n/a 529.578 26.16 26.40 0.56 0.56 -0.34
Lionbridge Technologies n/a 469.779 n/a 41.50 1.28 1.05 -31.11
Borland Software Corp. n/a 441.603 n/a -20.21 1.55 1.45 5.07
RADVISION LTD. (USA) n/a 372.609 24.18 26.93 4.52 4.07 2.72
Sify Limited (ADR) n/a 316.654 1,290.00 50.17 2.94 2.39 3.63
OPNET Technologies, Inc. n/a 282.980 66.97 38.38 3.44 2.75 3.27
Click Commerce, Inc. n/a 276.377 13.99 16.98 3.74 3.33 15.03
Actuate Corporation n/a 271.534 30.22 45.20 2.31 2.18 11.99
MapInfo Corporation n/a 270.355 25.19 24.48 1.66 1.63 2.64
Certicom Corp. (USA) n/a 238.814 n/a n/a 14.57 n/a 11.25
ILOG S.A. (ADR) n/a 217.933 32.94 n/a 1.63 n/a 3.17
SM&A n/a 113.927 19.60 19.52 1.58 1.48 3.68
Quovadx, Inc. n/a 106.299 n/a -23.73 1.28 1.33 6.81
Constar International, Inc. n/a 75.605 n/a n/a 0.08 n/a -0.39
The Management Network Group, Inc. n/a 55.648 n/a -6.91 1.80 n/a 1.17
Target
  ePlus Inc. n/a 86.318 3.62 n/a 0.13 n/a 0.82

- Defined by the Company - Defined by Others

Key Customers

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Wachovia Corporation n/a 107,432.034 15.38 11.89 4.03 3.66 4.50
Telstra Corporation (ADR) n/a 34,492.203 14.12 13.10 1.94 n/a 6.95
Weyerhaeuser Company n/a 15,259.663 n/a 16.53 0.68 0.69 2.10
Manhattan Associates, Inc. n/a 640.686 32.07 27.93 2.38 2.32 4.55
Government - United States n/a n/a n/a n/a n/a n/a n/a
Buyer
  ExxonMobil Corporation n/a 388,859.658 9.87 10.55 1.00 0.93 3.36
Pfizer Inc. n/a 207,150.121 19.10 14.15 4.38 4.33 9.73
Target
  Wells Fargo & Company n/a 122,869.858 15.34 14.48 4.17 3.45 8.20
Vodafone Group Plc (ADR) n/a 121,988.096 n/a 11.84 2.18 2.08 3.92
Verizon Communications n/a 108,615.156 16.04 14.62 1.31 1.18 -7.68
Wachovia Corporation n/a 107,432.034 15.38 11.89 4.03 3.66 4.50
Nippon Telegraph & Telephone Corp. (ADR) n/a 69,799.485 17.24 15.60 0.75 0.75 1.55
Wyeth n/a 68,520.903 18.10 16.09 3.52 3.37 7.25
Motorola, Inc. n/a 61,544.931 12.25 19.53 1.51 1.41 3.56
SAP AG (ADR) n/a 60,792.594 28.85 27.44 5.29 5.12 12.06
Medtronic, Inc. n/a 54,306.456 19.22 19.96 4.72 4.38 13.66
Occidental Petroleum Corporation n/a 38,023.373 7.63 8.52 2.07 2.31 2.12
Telstra Corporation (ADR) n/a 34,492.203 14.12 13.10 1.94 n/a 6.95
Starbucks Corporation n/a 25,713.826 45.05 46.05 3.45 3.26 11.17
McKesson Corporation n/a 16,086.112 21.06 20.03 0.18 0.17 4.04
Weyerhaeuser Company n/a 15,259.663 n/a 16.53 0.68 0.69 2.10
Stora Enso OYJ (ADR) n/a 12,024.671 110.74 22.44 0.67 0.66 1.27
United Utilities PLC (ADR) n/a 11,756.926 30.71 n/a 2.67 n/a 2.85
Office Depot, Inc. n/a 11,469.885 37.45 21.56 0.79 0.77 7.86
NEC Corporation (ADR) n/a 10,961.220 114.19 20.70 0.26 0.21 1.39

- Defined by the Company - Defined by Others

Key Partners

  Name Dir Percent Market Cap. P/E Ratio (TTM) Fwd P/E P/R Ratio (TTM) Fwd P/Rev Price To Tang. Book Value
Overlap
  Hewlett-Packard Company n/a 102,491.808 20.84 16.23 1.14 1.13 6.40
Accenture Ltd. n/a 25,644.573 26.35 17.13 1.41 1.34 13.54
Wipro Limited (ADR) n/a 18,826.920 39.56 32.93 7.65 6.35 11.82
Electronic Data Systems n/a 12,474.568 50.30 29.17 0.61 0.60 4.83
Computer Sciences Corporation n/a 8,331.913 18.64 13.16 0.57 0.56 3.42
Fair Isaac Corporation n/a 2,279.912 19.46 20.20 2.78 2.75 33.30