Ardent Software acquires Prism Solutions

In a move to achieve "critical mass" in the data warehousing market, Ardent Software has acquired Prism Solutions in a stock swap valued at approximately $42 million. For the acquisition, the combined company expects to report a Q1 '99 one-time charge of approximately $14 million.

The move joins Ardent's data management product and service line with Prism's data migration technology and consulting services; both companies increase their customer base and sales channels.

The deal "creates an industry powerhouse in the rapidly evolving data warehouse market segment," according to Ardent chair, president and CEO Peter Gyenes.

Prism president and CEO Warren Weiss characterized the deal as "an attractive match" for his company, given Ardent's track record of strong financial performance and success at integrating acquisitions. Prism shareholders have yet to vote on the transaction