Unify Completes Acquisition of AXS-One for $10 million

Unify Corp., provider of application development, data management and migration solutions, announced the completion of its acquisition of AXS-One, Inc., provider of integrated content archiving software solutions.

The all-stock transaction, which stockholders of both Unify and AXS-One approved earlier today, is valued at approximately $10 million. AXS-One will become a wholly-owned subsidiary of Unify and is expected to create a more competitive, cost efficient company with a larger customer base, increased maintenance revenues and significant growth potential.

Under the terms of the merger agreement, all AXS-One outstanding common stock, options and warrants to purchase AXS-One common stock were converted into 1 million shares of Unify common stock; and the convertible notes of AXS-One in the aggregate principal amount of approximately $13.1 million were exchanged for approximately 2.1 million shares of Unify common stock.