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NEWTON, MA—March 13, 2003—Rocket Software, Inc., today announced that it has completed its acquisition of TCSI Corporation, a leading provider of software products and services for the global telecom industry (Nasdaq: TCSI), pursuant to the Agreement and Plan of Merger, dated November 12, 2002. The first step was an all-cash tender offer to acquire all outstanding shares of TCSI at a price of $0.52 per share, completed on December 26, 2002, in which approximately 67% of the shareholders of TCSI tendered their shares.
With the completion of the special meeting of stockholders on March 12, 2003, the second step of the merger, all outstanding shares of TCSI have been converted into the right to receive the same $0.52 cash price-per-share paid in the tender offer. As a result of the merger, TCSI is now a wholly owned subsidiary of Rocket. Former TCSI stockholders will be receiving materials shortly to exchange their TCSI shares for merger consideration.
“The completion of merger has enabled Rocket to expand its technology portfolio with the unparalleled quality and technical sophistication that TCSI brings to the communications market. We welcome the addition of new leading-edge OEM partners and telecom service providers to Rocket’s customer base, and look forward to working with the very talented and experienced TCSI team in the years ahead,” said Andy Youniss, CEO of Rocket Software.
TCSI will be operated as a division of Rocket Software under the direction of James Storey, Ph.D., who has been with TCSI management for the past 17 years. Peter Buckner, who has been with TCSI for 18 years, will remain as Chief Technologist for the new Rocket Operational Support System (OSS) Unit.
“With the depth and stability of Rocket’s strong OEM relationships behind us, the Telecom Unit is positioned to realize the full potential of our complementary business lines, enhanced scale and global market presence,” Dr. Storey noted. “We look forward to working together as a team to meet the needs of tier-1 customers by developing high-quality products that meet their business and technology objectives.”
About Rocket Software�
Founded in 1990, Rocket Software, Inc. is an independent software development organization providing a broad spectrum of integrated, value-added software development and support services to leading software original equipment manufacturers (OEMs) and directly to corporate customers worldwide. The company’s current lines of business complement and extend strategic OEM offerings in the areas of business intelligence, relational databases, mobile and wireless computing, and operating system support. Rocket’s current OEM relationships include IBM, RSA Security, Microsoft, NEC and Avaya. Rocket Software is based in Newton, MA and employs more than 180 people worldwide. For more information, visit www.rocketsoftware.com.
Rocket Software’s new Telecom Unit is a leading provider of software products and services for the global telecommunications industry. The Telecom Unit’s solutions enable telecom service providers, equipment manufacturers, enterprise network users and system integrators to deploy and manage network infrastructure and services through products that provide carrier-class service and network management capabilities. The unit’s Telecom software is installed in more than 300 networks around the world, and customers include a “Who’s Who” of telecom players including China Telecom, Motorola, Lucent, NTT and NEC. For more information, call +1.510.749.8500 or go to www.rocketsoftware.com.